The gross domestic product (GDP) in China, the second largest economy in the world, recorded a strong slowdown in GDP growth, which reached 0.4% in the second quarter of this year, according to data released this morning, Friday, July 15, from the National Bureau of Statistics, compared to a growth of about 4.8% in the first quarter and less From market expectations, which indicated a growth of about 1.2%, on the other hand, the unemployment rate fell to 5.5% in June from 5.9 (expectations of 5.7%).
And the National Bureau of Statistics in China announced in its statement that the Chinese economy was directly affected by the widespread closures in its quest to stop the spread of the epidemic, which affected the recovery locally and raised fears of a global economic recession.
On the other hand, retail sales rose by 3.1% in June on an annual basis, compared to a decline of 6.7% in May of last year, exceeding expectations that indicated a rise to 0.3%, recording the fastest growth in four months after the authorities lifted the closure for two months in Shanghai.
And the Chinese industrial production recorded a growth of about 3.9% in June on an annual basis, less than the expectations that were at 4%, and compared to 0.7% in June of last year, while the rate of investment in fixed assets grew by 6.1%.
02/11/2024
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