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China’s GDP grew 7.9% in the second quarter; retail sales beat expectations

China's GDP grew 7.9% in the second quarter; retail sales beat expectations

FINANCE NEWS

China’s GDP grew 7.9% in the second quarter; retail sales beat expectations

A McDonald’s delivery worker walks past pig statues outside an art museum in Beijing on July 10, 2021.Jade Gao | AFP | Getty ImagesBEIJING — China reported second-quarter GDP growth that came in slightly below expectations, while retail sales and industrial production grew faster than forecast.The country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% growth for the April to June period.Second quarter GDP rose 1.3% from the first quarter, faster than the 0.6% pace between the first quarter of this year and fourth quarter of 2020. However, the latest quarterly increase was still slower than the 2.6% pace of the fourth quarter.In the first quarter, GDP grew 18.3%, up from a contraction a year ago.”China’s economy sustained a steady recovery,” the statistics bureau said in a release. But the bureau added there were still concerns about the global spread of the pandemic and “unbalanced” recovery domestically.Retail sales rose 12.1% in June from a year ago, more than the expected 11% level forecast by Reuters.Retail sales growth has lagged that of the overall economy, and missed analysts’ expectations for the first two months of the second quarter.Industrial production grew by 8.3%, greater than the 7.8% Reuters estimate.In the last three months, Chinese authorities have also announced support for companies affected by the surge in commodity prices.The urban survey unemployment rate held steady at 5% in June, while unemployment for the younger 16 to 24 age category climbed to 15.4%.Read more about China from CNBC Pro


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