China's economy grew at a slower-than-expected pace in the second quarter, as manufacturing activity slowed, the cost of raw materials increased and the emergence of new coronavirus outbreaks weighed on the momentum of the recovery .
GDP grew 7.9% in the April-June quarter from the previous year, official data showed on Thursday, missing expectations for an 8.1% increase in a Reuters poll. for the opinions of economists.
Growth slowed sharply after posting a record 18.3% increase in the January-March period, when the year-on-year growth rate fell sharply due to the recession caused by the pandemic. Corona Virus (Covid-19) in the first quarter of 2020.
While the world's second-largest economy has recovered sharply from the (Covid-19) crisis, buoyed by strong export demand and policy support, data in recent months suggest Some dip in momentum.
High raw material costs, shortages in supplies and pollution control controls are affecting industrial activity, while limited outbreaks of COVID-19 have limited consumer spending. /p>
GDP rose 1.3% on a quarterly basis in the April-June period, beating expectations for a 1.2% increase in a Reuters poll, the National Bureau of Statistics said. The bureau revised downward growth in the first quarter of the fourth quarter of last year to 0.4%.
The statistics office also showed that China's industrial output grew 8.3% in June compared to last year, slowing from a rise of 8.8% in May, while economists in the poll expected a rise A rate of 7.8% on an annual basis.
Retail sales grew 12.1% from a year earlier in June, while analysts in the poll expected an 11% rise after May's 12.4% rise.
