2024-07-15 14:05:56
The GDP China’s grew 4.7 percent in the second quarter on a year-over-year basis, below expectations for 5.1 percent growth, a Reuters poll showed.
June retail sales also missed estimates, rising 2% compared with the forecast for 3.3%.
Industrial production, however, beat expectations by 5.3 percent in June from a year earlier, higher than a Reuters estimate of 5 percent growth.
Investment in infrastructure and manufacturing slowed year-on-year in June compared to May, while investment in real estate fell by the same rate of 10.1%.
Today begins the Third Plenary Session
The National Bureau of Statistics did not hold a press conference to release the data. China’s high-level policy meeting, the Third Plenary Session, begins on Monday and is set to conclude on Thursday.
“We need to work harder to stimulate the market and boost internal momentum,” the office said in a press release.
He also called for efforts to “consolidate and strengthen the momentum for economic recovery and growth to ensure sustainable and healthy growth of the economy.”
The jobless rate was 5 percent in June, unchanged from the previous month, the bureau said.
The GDP of China rose 5.3% year-on-year in the first quarter.
China’s exports rose by a more than expected 8.6 percent from a year ago, according to customs data released on Friday. However, imports fell 2.3% year-on-year in June, missing expectations for slight growth.