New figures show economy grew below expectations in 2nd quarter, raising doubts on government’s 5% growth target
China’s gross domestic product (GDP) expanded 5.5% in the first half of this year on an annual basis, according to official statistics released on Monday.
The country’s GDP was 59.3 trillion yuan (some $8.3 trillion) in January-June,the Chinese National Bureau of Statistics (NBS) revealed.
In the second quarter of 2023, the economy grew by 6.3% on a yearly basis, below market expectations.
China is targeting 5% GDP growth this year and the newly announced figures have raised concerns that it may be unable to meet this goal.
On a quarterly basis, GDP climbed slightly by 0.8% in the second quarter of 2023, slowing down from a 2.2% rise in the first quarter.
The retail sales volume of consumer goods rose 8.2% year-on-year in the first half, totaling 22.76 trillion yuan.