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China GDP up 6.3pc, but last year's low undermines 2023 gain
来源：shippingazette 编辑：编辑部 发布：2023/08/01 10:01:27
CHINA's economy grew 6.3 per cent in the second quarter year on year because of a low-base effect from last year, when large cities including Shanghai were locked down, reported London's Financial Times.
The Reuters poll had forecast 7.3 per cent growth.
But the economy appeared to lose momentum in the second quarter, with gross domestic product expanding 0.8 per cent against the previous three months as falling exports, weak retail sales and a moribund property sector weighed on growth.
The difficulties facing the world's second-largest economy will put further pressure on global growth and add to calls for Beijing to step up stimulus measures more than six months after it abandoned tough Covid controls.
The second-quarter growth rate was stronger than the 0.5 per cent forecast in a Reuters analysts' poll but weaker than the 2.2 per cent quarter-on-quarter expansion in the January-March period.
The Reuters poll had forecast 7.3 per cent growth.
But the economy appeared to lose momentum in the second quarter, with gross domestic product expanding 0.8 per cent against the previous three months as falling exports, weak retail sales and a moribund property sector weighed on growth.
The difficulties facing the world's second-largest economy will put further pressure on global growth and add to calls for Beijing to step up stimulus measures more than six months after it abandoned tough Covid controls.
The second-quarter growth rate was stronger than the 0.5 per cent forecast in a Reuters analysts' poll but weaker than the 2.2 per cent quarter-on-quarter expansion in the January-March period.