Financial News: China GDP +4.7% On Year In Q2

China GDP +4.7% On Year In Q2

07/14/2024 - 22:09:00 (RTTNews)

(RTTNews) - China's gross domestic product expanded 4.7 percent on year in the second quarter of 2024, the National Bureau of Statistics said on Monday.

That was shy of expectations for an increase of 5.1 percent and down from 5.3 percent in the three months prior.

On a seasonally adjusted quarterly basis, GDP rose 0.7 percent - also missing forecasts for 1.1 percent and slowing sharply from 1/6 percent in Q1.

The bureau also said that industrial production climbed 5.3 percent on year, beating forecasts for 4.9 percent but still down from 5.6 percent in May.

Retail sales rose an annual 2.0 percent in June, missing forecasts for 3.3 percent and down from 3.7 percent in the previous month.

Fixed asset investment advanced 3.9 percent on year, in line with expectations and easing from 4.0 percent a month earlier.

House prices were down 4.5 percent on year after slumping 3.9 percent in May.

The jobless rate came in at 5.0 percent, matching expectations and unchanged.

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