China’s growth slows more than expected in Q2

China’s economic growth in the second quarter of 2024 was lower than expected, with a 4.7 per cent year-on-year expansion, missing the 5.1 per cent estimate. This marks a slowdown from the 5.3 per cent growth rate in the previous quarter.

The Chinese government aims for a 5.0 per cent economic growth target in 2024, but analysts find it ambitious given the current figures. To meet this goal, further stimulus measures may be required.

On a quarter-by-quarter basis, China’s GDP grew by 0.7 per cent between April and June. This falls below analyst expectations of a 1.1 per cent rise and represents a slowdown compared to the revised 1.5 per cent growth recorded in the first quarter.

Attribution: Reuters