China’s GDP grew less than expected in Q2

China’s gross domestic product (GDP) grew 0.7% quarter-on-quarter in the second quarter of 2024, according to official data released Monday by the National Bureau of Statistics (NBS).

Furthermore, between April and June, the world’s second largest economy experienced a growth of 4.7% compared to the same period in 2023.

These figures are below what analysts had expected, who were predicting a 1% increase in quarterly terms and a 5.1% increase in the year-on-year comparison.

Even so, they do not exceed the figures for the previous quarter, the first of 2024, when GDP rose by 1.6% compared to the previous quarter of the year and by 5.3% compared to a year ago.

It is worth remembering that the Chinese economy grew by 5.2% in 2023 as a whole and that the authorities of the Asian country again set the growth target for this year at “around 5%”.

China’s GDP in the first half of the year reached 61.68 trillion yuan (US$8.5 trillion, 7.8 trillion euros), according to preliminary estimates released by the ONE on Monday.

By sector, primary employment grew by 3.5% year-on-year between April and June, secondary employment by 5.8% and tertiary employment by 4.6%.

The statistical institution said the data show that the Chinese economy “has been operating generally without problems”, and is located in a “constant progress”.

“There was stable growth in production, a continued recovery in demand, overall stability in employment and prices, continued growth in residents’ income, as well as an accelerated growth in new dynamics and the implementation of new advances in high-quality development.“, the document points out.

Although the ONE considers that “Positive factors accumulate and lay solid foundations for achieving annual objectives” growth, also warns once again that the external environment “is increasingly complex, serious and uncertain“and that those foundations”They are not solid yet“when it comes to achieving growth”stable and firm”.

The agency also published other official data for March on Tuesday, such as industrial production (+5.3% year-on-year), retail sales (+3.7%) and the official unemployment rate in urban areas, which fell to 5.1%.