China’s GDP grew 4.7% yoy in Q2, down from 5.3% in Q1 and missing expectations of 5.1%. For the first half of the year, GDP growth stood at 5% year-on-year.
The National Bureau of Statistics noted, “The current external environment is complicated, while domestic demand remains insufficient. We still need to consolidate the foundation for economic recovery.”
June’s industrial production increased by 5.3% yoy, exceeding expectations of 5.0% yoy. However, retail sales grew only 2.0% yoy, well below the forecasted 3.3% yoy.
Fixed asset investment in the first six months rose by 3.9% ytd yoy, meeting expectations. Property investment saw a -10.1% yoy decline, consistent with May’s fall. Additionally, home sales by floor area dropped by -19.0% yoy.
