⚠️BREAKING: *CHINA Q2 YOUTH UNEMPLOYMENT RATE HITS NEW RECORD HIGH OF 21.3% 🇨🇳🇨🇳
Investing.com -- China's economy grew slightly more than expected in the second quarter of 2023, but growth still slowed substantially from the prior quarter as a post-COVID economic recovery ran out of steam. grew 0.8% from the prior quarter, data from the National Bureau of Statistics showed on Monday. The reading was slightly above expectations for growth of 0.5%, but slowed substantially from the 2.2% seen in the prior quarter.grew 6.
Still, the Chinese economy has now expanded a total 5.5% so far in 2023, thanks largely to a strong first quarter. But growth slowed over the past three months, as the country’s biggest economic engines remained under pressure. shrank for all three months in the second quarter, while real estate sales and home prices failed to pick up despite consistent policy support from the government.exportsThe weak economic trends are widely expected to attract more stimulus measures from Beijing, with officials from the People’s Bank of China also reaffirming their support for the economy in recent weeks.
China’s economy is expected to grow a modest 5% in 2023, according to government forecasts. But this will also largely hinge on how much policy support Beijing rolls out over the next two quarters, given that economic conditions are otherwise slowing in the country.
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