China’s economy grows more slowly than expected in Q2

  • China GDP +7.9% y/y in Q2, vs Q1’s +18.3% (Reuters poll +8.1%)
  • June industrial output +8.3% y/y, vs +8.8% in May (poll +7.8%)
  • June retail sales +12.1% y/y, vs +12.4% in May (poll +11.0%)

BEIJING, July 15 (Reuters) – China’s economy grew more slowly than expected in the second quarter, as slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks weighed on the recovery momentum.

Gross domestic product (GDP) expanded 7.9% in the April-June quarter from a year earlier, official data showed on Thursday, missing expectations for a rise of 8.1% in a Reuters poll of economists. read more

Growth slowed significantly from a record 18.3% expansion in the January-March period, when the year-on-year growth rate was heavily skewed by the COVID-induced slump in the first quarter of 2020.

June activity data slowed from the month before but beat expectations.

“The numbers were marginally below our expectation and the market’s expectation (but) I…

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