China’s GDP Growth at 6.3 Percent Year-On-Year in Second Quarter

China’s gross domestic product (GDP) year-on-year growth is at 6.3% in the second quarter.

According to the National Bureau of Statistics (NBS) of China, the country has seen a “good momentum of recovery”.

However, growth fell short of the 7.3% growth forecast in a Reuters Poll.

Last year, China reinstated lockdowns due to the re-emergence of COVID-19, causing factory operations to halt and travel restrictions in place. In that year, China’s GDP only posted 0.4% year-on-year growth.

In terms of quarter-on-quarter, China’s GDP only grew to 0.8% in the second quarter compared to 2.2% from January to March of this year.

China’s NBS also reported that exports in June fell to 8.3% while imports are also down 2.6 compared to last year.

The consumer price index (CPI) also rose to 0.7% year-on-year.

The unemployment rate for ages 16 to 24 grew to 21.3%, a new record high, while the urban unemployment rate in 31 major cities was 5.5%, the same as that of the previous month. (ASC)