China has announced that its gross domestic product (GDP) grew by 6.3% from a year ago in this year’s second quarter, below economists’ expectations.
The Q2 GDP print represented 0.8% growth from this year’s first quarter, which is slower than the 2.2% quarter-over-quarter pace that was forecast by economists.
On a yearly basis, economists surveyed by the Reuters News Agency had anticipated a 7.3% GDP expansion in China during the second quarter.
The National Bureau of Statistics said in a news release that the country can still achieve its full-year GDP growth target. In March of this year, the Chinese government set a goal of 5% GDP growth for all of 2023.
Retail sales in China during June rose by 3.1%, while online sales of physical goods grew by 6.7%, and industrial production increased 4.4% from a year ago.
The unemployment rate for people living in China’s cities was 5.2% in June, though youth unemployment among people ages 16 to 24 was 21.3% in June, a record high.
China officially ended its Covid-19 lockdown measures last December. An initial economic rebound has since slowed down.
The massive real estate sector throughout China has struggled to recover, while exports have plunged due to weakening global demand.
The government in Beijing last week announced that it will extend property support measures throughout the nation of 1.4 billion people.
Chinese authorities have also announced broad support for exports, and extended tax breaks for electric vehicle purchases as they try to reinvigorate the domestic economy.
