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Financial News: Amended: China GDP Growth Eases In Q2

Amended: China GDP Growth Eases In Q2

07/16/2018 - 04:01:00 (RTTNews)

(RTTNews) - Note: Story recast after correcting figures.

China's economic growth slowed in the second quarter, amid rising trade tensions with the US.

Gross domestic product expanded 6.7 percent year-on-year in the three months to June after growing 6.8 percent in the first quarter, data from the National Bureau of Statistics showed Monday. Growth was in line with economists' expectations.

On a seasonally adjusted basis, GDP rose 1.8 percent quarter-on-quarter in the second quarter of 2018, beating forecasts for an increase of 1.6 percent, and followed the rise of 1.4 percent in the three months prior.

The economy expanded 6.8 percent year-on-year in the first half of the year.

The NBS also said that retail sales advanced an annual 9.0 percent in June, exceeding expectations for 8.8 percent and up from 8.5 percent in May.

Industrial production gained 6.0 percent on year, shy of forecasts for 6.5 percent and down from 6.8 percent in the previous month.

Fixed asset investment gained 6.0 percent on year, in line with expectations and down from 6.12 percent a month earlier.

The surveyed unemployment rate in urban areas was 4.8 percent in June, same as in May.

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