China – China’s economic growth slowed in the second quarter of 2024, to 4.7 percent year-on-year, down from 5.3 percent in the first quarter of the same year.
This came in a statement issued by the National Bureau of Statistics in China, yesterday, Monday, at a time when analysts’ expectations indicated that the economy would grow by 5.1 percent during the period.
The office said growth in the second quarter was “challenging,” as the world’s second-largest economy faced a more volatile, complex and severe external environment, as well as new challenges from deepening structural reforms domestically.
The office attributed the weak growth in the second quarter to short-term factors such as extreme weather and floods, but said it also reflected growing challenges, particularly those stemming from insufficient effective demand and unstable economic flows at home.
He said the country’s economy grew by 5 percent year-on-year in the first half of this year, in line with the government’s 2024 growth target of 5 percent.
He added: “In general, the national economy continued to improve during the first half in a stable manner, driven by government support and incentives, the recovery of external demand, and the development of modern, qualitative productive forces.”
The industrial sector expanded 5.8 percent year-on-year in the first half, outpacing increases of 3.5 percent in the agricultural sector and 4.6 percent in the services sector.
Consumption continued to play a major role in driving growth, accounting for 60.5 percent of economic expansion in the first half and contributing 3 percentage points to GDP growth.
Anatolia
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2024-07-17 00:04:39
