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China’s GDP increased 7.9% in the second quarter.Retail sales exceeded expectations – News


A McDonald’s deliveryman will pass a pig statue outside a museum in Beijing on July 10, 2021.

Jade Gao | AFP | Getty Images

Beijing — China reported second-quarter GDP growth slightly below expectations, but retail sales and industrial production grew faster than expected.

The country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. This was below Reuters’ estimate of 8.1% growth between April and June.

Second-quarter GDP rose 1.3% from the first quarter, faster than the 0.6% pace from the first quarter of this year to the fourth quarter of 2020. However, the increase in the most recent quarter was still slower than the 2.6% pace in the fourth quarter.

First quarter GDP increased by 18.3%, Rising from the contraction a year ago.

“The Chinese economy continued to recover steadily,” the Statistics Bureau said in a statement. However, the agency added that there were still concerns about the global spread of the pandemic and the “imbalanced” recovery within the country.

June retail sales were up 12.1% from a year ago, surpassing Reuters’ forecast of 11%.

Retail sales growth lags behind growth in the economy as a whole, missing analysts’ expectations during the first two months of the second quarter.

Industrial production increased by 8.3%, surpassing Reuters’ estimated 7.8%.

In the last three months, Chinese authorities have also announced Support for companies affected by soaring product prices.

The unemployment rate in the June city survey was stable at 5%, but the unemployment rate for young people aged 16 to 24 rose to 15.4%.

China’s GDP increased 7.9% in the second quarter.Retail sales exceeded expectations

Source link China’s GDP increased 7.9% in the second quarter.Retail sales exceeded expectations

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