Market expected 5% growth in the period; the economy had “stable” growth, says the country
China’s GDP (Gross Domestic Product) grew by 4.7% in the second quarter of this year compared to the same period in 2023. With this result, the GDP reached about 61.68 trillion yuan (US$8.65 trillion). The data was released by the DAYS (National Bureau of Statistics of China) this Monday (15.Jul.2024).
The growth was below what economists had expected, with GDP rising by 5%. Expectations were high given the 5.3% growth in the first quarter of the year. Here is the full data released (PDF, in English – 317 kB).
“Overall, in the first half of the year, the national economy performed stably and with constant progress made in transformation and updating”says the document.
The average urban unemployment rate is 5.1%, down 0.2% compared to the same period last year.
The added value of primary industry increased by 3.5% per year. Secondary industry recorded an increase of 5.8% and the trade in goods and services sector increased by 4.6%.
Despite the positive data, the DNE document says that effective domestic demand continues “insufficient” and that a solid economic recovery still needs to be strengthened.
Source: https://www.poder360.com.br/internacional/pib-da-china-cresce-47-no-2o-trimestre-de-2024/
