July 15, 2024 04:11 GMT
MNI BRIEF: China Q2 GDP Impacted By Bad Weather - NBS
MNI (BEIJING)
MNI (Beijing)
China’s Q2 GDP growth was impacted by extreme weather, adding to insufficient domestic demand and domestic circulation blockages, a written statement from the National Bureau of Statistics said on Monday.
However looking ahead, China’s favourable conditions outweigh negatives, the statement said, noting physical indicators such as passenger volume and electricity consumption have grown rapidly, while manufacturing has transitioned towards high-quality development.
The Chinese economy slowed more than expected in Q2 to 4.7% y/y, missing the median forecast of 5.0% as insufficient domestic demand and summer flood weighed, data released by the National Bureau of Statistics on Monday showed.
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