Slower GDP growth in China than expected, while industrial production outperforms
July 15, 2024
China’s National Bureau of Statistics said on Monday that the country’s GDP grew 4.7% in the second quarter from the same period a year earlier, below the 5.1% growth forecast in a Reuters poll. Retail sales in June also came in below estimates, expanding by just 2% instead of the 3.3% growth expected. In contrast, industrial production beat expectations, rising 5.3% in June from a year earlier, compared with 5% estimated by Reuters. Urban fixed investment rose 3.9% in the first six months of the year, in line with expectations.