China's economy grows 5.2% in Q2

China’s economy expanded more than expected in the second quarter of this year, supported by strong export growth to markets outside the United States, despite subdued domestic consumer demand.

Data released today, July 15, by the National Bureau of Statistics showed that gross domestic product (GDP) grew by 5.2% year-on-year (YoY) in the April-June period, surpassing the forecast of 5.1% growth. However, the figure marked a slowdown from the 5.4% growth recorded in the first quarter.

Consumption contributed just over 52% to the growth of the world’s second-largest economy in Q2, down from more than 60% during the same period last year.

Industrial production rose 6.8% in June from a year earlier, exceeding expectations of a 5.6% increase. In contrast, retail sales growth slowed to 4.8%, falling short of the projected 5.4%.

Fixed-asset investment rose 2.8% between January and June, while real estate investment declined by 11.2% over the same period.

The urban unemployment rate held steady at 5% in June, unchanged from the previous month.