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MNI BRIEF: China Q2 GDP Slows More Than Expected To 4.7% Y/y

MNI (Singapore)
MNI (Beijing)

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.

GDP came in at 5.0% in the first half, still on track of the country's annual target of "around 5%".

Retail sales grew 2.0% y/y in June to hit the lowest level in one and a half years. The figure decelerated from May's 3.7% gain and underperformed the 3.3% forecast. Retail sales grew 3.7% y/y in H1, lower than the 4.1% in Jan-May.

Industrial production rose 5.3% y/y in June, decelerating for the second month from May's 5.6% growth but outperforming the expected 5.0%. Industrial output grew 6.0% in H1, compared to the 6.2% in Jan-May.

Fixed-asset investment registered a 3.9% y/y increase in H1, moderating from the 4.0% growth over the Jan-May period and basically in line with the 3.8% consensus. Property investment fell by 10.1%, maintaining the same decrease. Infrastructure investment and manufacturing investment grew by 5.4% and 9.5%, compared with the previous 5.7% and 9.6%.

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