According to China’s National Bureau of Statistics (NBSC), China’s economic growth slowed in the second quarter of 2023 amid the ongoing predicament following the COVID-19 pandemic.
According to NBSC, China’s gross domestic product (GDP) growth will slow to 0.8% in the second quarter of 2023, compared with 2.2% in the first quarter of 2023, with annual growth of 4.5% in the first quarter. % up to 6.3% release. The performance comes at a time when the country’s exports are struggling, private sector investment is slowing and retail sales remain weak. according to to the Wall Street Journal. (Related article: Elite fashion company bows to China, issues heartbreaking apology)
“According to preliminary estimates, gross domestic product (GDP) in the first half of the year reached 59.3034 trillion yuan, up 5.5% year-on-year at constant prices, or 1.0% over the first quarter of 2023,” it said. . The NBSC press release reads: “Quarterly GDP growth was 4.5% year-on-year in the first quarter and 6.3% in the second quarter.
Unemployment among 16-24 year olds increases from The urban unemployment rate remained at 5.2% in the second quarter, according to NBSC, which rose from 19.6% in the first quarter to 21.3% in the second quarter.
The WSJ reported that retail sales were up just 0.2% from May, suggesting Chinese households are cautious about spending. Cautious spending points to potential insecurity for the economy as a whole, suggesting that consumers are trying to save out of fear of losing jobs or income.
from @WSJ Get the latest CPI and PPI data. #China.#economic #inflation #eco twitter pic.twitter.com/hVbVk6XXJ5
— Mohamed A. Elianm (@elianm) July 10, 2023
China’s economy is struggling to gain a foothold after imposing strict lockdown measures after the COVID-19 pandemic. The lockdown measures, one of the strictest in the world, have sparked protests in many Chinese cities.
As a result of the “zero corona” policy launched by Chinese President Xi Jinping, economic growth in the second quarter of 2022 was only 0.4% compared to the same period last year. China will withdraw its “zero corona” policy in December 2022.
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