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MNI BRIEF:China Q2 GDP Surprisingly Slows To 0.4% On Covid Hit

MNI (Singapore)

The Chinese economy slowed to 0.4% y/y in the second quarter, the weakest since a historic contraction in the first three months of 2020 when the pandemic first hit, lower than a median forecast of 1.2%, given the damage of Covid lockdowns during April and May, data by the National Bureau of Statistics on Friday showed. SEE: MNI: China’s Q2 GDP Growth Pace May Disappoint On Covid Hit

Retail sales unexpectedly jumped by 3.1% y/y in June, reversing May's 6.7% decline and outshining the forecast 0.3% gain, to hit a four-month high.

Industrial production rose 3.9% y/y in June, rebounding from May's 0.7% but underperforming the forecast 4.3%.

Fixed-asset investment eased slightly to 6.1% y/y in H1, from the 6.2% gain in the Jan-May period, better than the 5.8% forecast. Property investment fell 5.4% y/y to hit the lowest level since March 2020, sliding further from the previous 4.0% fall. Infrastructure investment accelerated to 7.1% y/y from May's 6.7% growth, while manufacturing investment decelerated to 10.4% from the previous 10.6% growth.

The surveyed urban unemployment rate was 5.5% in June, down 0.4 percentage point from May.

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