Second quarter with 6.3% GDP growth in China, below expectation

China’s Gross Domestic Product (GDP) rose by 6.3% in the second quarter of 2023, as the National Bureau of Statistics revealed.

This outcome falls 1 percentage point short of the market’s 7.3% expectation, yet it’s an increase from the first quarter’s 4.5% growth.

When viewed quarter-on-quarter, there’s a 1.8 percentage point elevation.

The report also discloses other economic indicators. Industrial production in June saw a 4.4% increase compared to the same month last year.

Retail sales in the same month also grew by 3.1% year-on-year.

This is a downturn from the first quarter increases of 3.9% and 10.6% for industrial production and retail sales, respectively.

Despite the Chinese government’s 5.5% target for GDP growth last year, the actual figure was 3%, the lowest in 46 years.

The growth target for the current year is set at 5%.

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