Update: China’s Second-Quarter GDP Growth Sinks to 0.4% as Lockdowns Bite
China’s economy expanded 0.4% year-on-year in the three months through June, the weakest quarterly expansion since the coronavirus pandemic first gripped the country in early 2020, official data showed Friday.
The GDP growth rate slumped from a 4.8% year-on-year pace in the first quarter, and trailed the average estimate of 0.8% growth in a Caixin survey of economists. For the first half of the year, GDP grew 2.5%, data from the National Bureau of Statistics (NBS) show, raising the odds that full-year growth will miss the government’s target of around 5.5%.
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