China's gross domestic product increased by 4.7 percent year-on-year in the second quarter of 2024, according to the National Bureau of Statistics. This growth fell short of the anticipated 5.1 percent rise and showcased a deceleration from the 5.3 percent growth observed in the first quarter.
On a seasonally adjusted quarterly basis, GDP rose by 0.7 percent, which also missed the projected 1.1 percent increase and represented a significant slowdown from the 1.6 percent growth reported in Q1.
Additionally, the bureau reported a 5.3 percent year-on-year increase in industrial production, surpassing the predicted 4.9 percent but still down from the 5.6 percent growth recorded in May.
Retail sales saw an annual rise of 2.0 percent in June, missing the forecasted 3.3 percent increase and down from 3.7 percent in the previous month.
Fixed asset investment grew by 3.9 percent year-on-year, aligning with expectations but slightly easing from the 4.0 percent growth observed a month earlier.
House prices declined by 4.5 percent year-on-year, following a 3.9 percent drop in May. Meanwhile, the jobless rate remained steady at 5.0 percent, meeting expectations.
