China’s economic growth slowed to a still-strong 7.9% over a year earlier in the three months ending in June as a rebound from the coronavirus levelled off.
Growth slowed from the previous quarter’s explosive 18.3% expansion, which was magnified by comparison with early 2020, when the economy shut down to fight the coronavirus.
The economy expanded at a 1.3% pace in the April-June quarter compared with the previous three months, the way other major economies report results.
That reflects a return to normal for factory activity and consumer spending as government stimulus and easy credit wind down.
It was faster than the 0.6% expansion in the previous quarter over the final three months of 2020, which had prompted warnings the rebound was ending.
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Gross domestic product expanded 7.9% from a year earlier, the National Bureau of Statistics said Thursday, down from 18.3% in the previous quarter and compared with a median forecast of 8% in a Bloomberg survey of economists. On a two-year average growth basis, which strips out the effect of last year’s pandemic, the economy grew 5.5% last quarter, higher than 5% in the previous three months.
The recovery has shown signs of plateauing in recent months after a sharp V-shaped rebound driven by industrial output and exports. Consumers had remained cautious after incomes took a knock during the pandemic and sporadic virus outbreaks more recently restricted travel and spending. The June pickup in retail sales may fuel optimism that the recovery is becoming more balanced.
By Kevin Yao and Gabriel Crossley BEIJING (Reuters) -China s economy grew more slowly than expected in the second quarter, as slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks weighed on the recovery momentum. Gross domestic product (GDP) expanded 7.9% in the April-June quarter from a year earlier, official data showed on Thursday, missing expectations for a rise of 8.1% in a Reuters poll of economists. Growth slowed significantly from a record 18.3% expansion in the January-March period, when the year-on-year growth rate was heavily skewed by the COVID-induced slump in the first quarter of 2020. June activity data slowed from the month before but beat expectations.