China’s Economy Grew 6.3% On-Year In Second Quarter – China’s economy grew 6.3 percent year-on-year in the second quarter of 2023, official data showed Monday, despite a patchy post-Covid rebound in recent months.
Beijing’s National Bureau of Statistics said in a statement that the economy “showed a good momentum of recovery”.
“By quarter, the GDP grew by 4.5 percent year on year in the first quarter and 6.3 percent in the second quarter,” NBS spokesman Fu Linghui said.
“Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents’ income grew steadily,” he said.
Analysts polled by AFP expected a 7.1 percent rebound.
But they had warned the figures would be misleadingly inflated given the low base of comparison with pandemic-wracked 2022.
In the same period a year ago, with restrictions such as sudden lockdowns, travel curbs, and factory shutdowns the norm, China posted 0.4 percent on-year growth, one of its lowest quarterly readings in recent years.
Growth in quarter-on-quarter terms — considered a more realistic basis for comparison — shows the world’s second-largest economy expanded just 0.8 percent in April-June.
That is down from the 2.2 percent growth seen in the previous three months after lukewarm activity from October to December.
Additional data released Monday showed its post-pandemic recovery petering out, likely boosting calls for greater economic stimulus.
Unemployment among Chinese youths jumped to a record 21.3 percent in June, up from 20.8 percent in May, the NBS also said Monday.
(This story has not been edited by Fortune Post staff.)
