Gross domestic product (GDP) in China, the world’s second-largest economy, grew by 5.2% year-on-year in the second quarter of this year, ending in June, according to data released by the National Bureau of Statistics this morning, Tuesday, July 15. This compares to 5.4% in the first quarter, exceeding market expectations of 5.1% growth, keeping the Chinese economy on track to achieve its 5% target for the year.
The unemployment rate remained at 5% in June, in line with expectations, while retail sales rose by 4.8% in June year-on-year, compared to 6.4% growth in May, falling short of expectations of 5.2%.
Chinese industrial production grew by 6.8% year-on-year in June, compared to 5.8% in May, exceeding expectations of 5.7%. Fixed asset investment, in turn, rose in the first half to 2.2%, falling short of expectations of 3.6% growth, impacted by the continued slowdown in real estate investment, which fell by 11.2% in the first half.