China's economy shrinks sharply in Q2, global risks darken outlook

Economy

15-07-2022, 08:12

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INA-sources
China's economy contracted sharply in the second quarter while annual growth also slowed significantly, highlighting the colossal toll on activity from widespread COVID lockdowns, which jolted industrial production and consumer spending.

Gross domestic product fell 2.6% in the second quarter from the previous quarter, official data showed on Friday, compared with expectations for a 1.5% decline and a revised 1.4% gain in the previous quarter.

On a year-on-year basis, GDP in the April-June quarter grew a tepid 0.4%, missing forecast of a 1.0% gain, according to a Reuters poll of analysts, a sharp slowdown from 4.8% in the first quarter.

Source: Reuters