ECONOMY

Update: China’s GDP Grew 4.7% in Second Quarter, Missing Expectations

Published: Jul. 15, 2024 10:00 a.m. GMT+8, Updated: Jul. 15, 2024 8:31 p.m.

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China’s GDP grew 4.7% year-on-year in the second quarter, official data showed Monday, missing market expectations as weak consumption and a prolonged property market slump weighed on growth despite strong exports.

The figure, published by the National Bureau of Statistics (NBS), came in lower than the average estimate of 5.1% growth in a recent Caixin survey of economists. It’s also below the expectation-beating 5.3% growth recorded in the first three months of the year, dragging first-half growth to 5%.

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China's GDP grew 4.7% year-on-year in Q2, below the 5.1% estimated by Caixin economists.
Earlier growth was driven by strong exports and manufacturing investment.
The economy faces challenges with weak domestic demand and a struggling property market despite government support policies.

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