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The State Statistical Office of China stated that the nation's economic growth in April-June dropped to 4.7% annualized, the lowest level since the first quarter of 2023. The first quarter saw 5.3% growth in the GDP. Analysts' consensus prediction called for a 5.1% rise in China's GDP in the second quarter.
The previous day's statistics for June also revealed a decline in Chinese retail sales and industrial production.
Analysts at Barclays, JPMorgan Chase & Co., and Goldman Sachs Group Inc. reduced their estimates for China's economic growth this year from 5% to 4.8% and 4.7% to 5.2%, respectively.
Many analysts doubt Beijing's ability to meet its 2024 GDP growth target of 5% as the government's actions haven't yet enabled it to overcome the real estate market crisis, which is still having a detrimental impact on consumer confidence, according to MarketWatch.
source: marketwatch.com
The previous day's statistics for June also revealed a decline in Chinese retail sales and industrial production.
Analysts at Barclays, JPMorgan Chase & Co., and Goldman Sachs Group Inc. reduced their estimates for China's economic growth this year from 5% to 4.8% and 4.7% to 5.2%, respectively.
Many analysts doubt Beijing's ability to meet its 2024 GDP growth target of 5% as the government's actions haven't yet enabled it to overcome the real estate market crisis, which is still having a detrimental impact on consumer confidence, according to MarketWatch.
source: marketwatch.com
