Advertisement
China GDP
EconomyEconomic Indicators

China GDP: second-quarter economic growth plunges to 0.4 per cent, lowest in 2 years after missing expectations

  • China’s economy grew by 0.4 per cent in the second quarter, compared with a year earlier, down from the 4.8 per cent growth seen in the first three months of the year
  • Retail sales rose by 3.1 per cent in June from a year earlier, while industrial production also rose by 3.9 per cent last month

Reading Time:3 minutes
Why you can trust SCMP
81
China’s economy grew by 0.4 per cent in the second quarter of 2022 compared with a year earlier, down from the 4.8 per cent growth seen in the first three months of the year. Photo: AFP
Orange Wang

China’s economy fell short of expectations and grew by just 0.4 per cent in the second quarter of 2022 compared with a year earlier, the National Bureau of Statistics (NBS) announced on Friday.

It represents the lowest growth rate since China’s economy shrank by 6.8 per cent in the first quarter of 2020 after the coronavirus shut down large swathes of the country.
The world’s second-largest economy had been predicted to grow by 1.1 per cent in the second three months of the year, according to Chinese data provider Wind, following expansion of 4.8 per cent in the first quarter.
China has set its gross domestic product (GDP) growth target for 2022 at “around 5.5 per cent”.

“We should be aware that the foundation for a sustainable and steady recovery of the economy is yet to be consolidated due to: externally, the risk of stagflation in the world economy is rising, the policies of major economies tend to be tightened, and external instabilities and uncertainties are adding obviously; and domestically, the impact of the epidemic is lingering, shrinking demand intertwines with disrupted supply, structural problems combine with cyclical problems and market entities still face operational difficulties,” NBS spokesman Fu Linghui said on Friday.

Advertisement