China’s GDP rises by 4.7 percent in Q2, lower than market expectations
Date
7/16/2024 3:42:57 AM
(MENAFN) China's gross domestic product (GDP) rose by 4.7 percent in the second quarter of 2024, according to official figures released on Monday. This growth, while positive, was below market expectations, which had predicted an increase of approximately 5.1 percent. It also represents a slowdown from the 5.3 percent growth recorded in the first quarter of the year. The National Bureau of Statistics indicated that the overall Economy expanded by 5 percent during the first half of 2024, reflecting ongoing challenges in sustaining momentum amid various economic pressures.
In terms of employment, the average unemployment rate in China during the January to June period was 5.1 percent, showing a slight improvement with a decrease of 0.1 percentage points. This figure suggests some stabilization in the labor market, although many challenges remain. On the consumer side, inflation showed a modest rise of 0.1 percent year-on-year, maintaining the same level as observed in the first quarter. This indicates a relatively stable consumer price environment, despite concerns about economic growth.
Meanwhile, the producer prices for industrial products continued to face downward pressure, declining by 2.1 percent year-on-year in the first half of the year. This decrease underscores the difficulties that the manufacturing sector is experiencing, which may be contributing to the overall economic slowdown. As these economic indicators unfold, they paint a complex picture of China's recovery trajectory, revealing both positive trends and significant challenges that could impact future growth.
MENAFN16072024000045015839ID1108443335
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.