(Alliance News) - China's economy grew 4.7% year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.
"By quarter, the GDP for the first quarter increased by 5.3% year on year and for the second quarter 4.7%," Beijing's National Bureau of Statistics said in a statement.
The figures were much lower than the 5.1% predicted by analysts polled by Bloomberg.
Retail sales – a key gauge of consumption – also slowed to just two percent in June, the NBS said, down from 3.7% in May.
The world's second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and trade tensions with Western rivals.
Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on how they might kickstart lacklustre growth.
source: AFP
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