China GDP rises by 4.7% in April-June quarter, misses estimates

The gross domestic product (GDP) of China rose by 4.7% year-on-year in the second quarter (April-June period) of calendar year 2024, as per the data released by the country's National Bureau of Statistics on Monday, July 15.

A silver lining for Beijing, however, remains the industrial production data, which indicated an uptick in factory output. The production increased 5.3% year-on-year, higher as compared to the Reuters forecast of 5%.

'Must work harder'

“We must work harder to invigorate the market and stimulate the internal impetus,” the National Bureau of Statistics said in a media release.

The bureau, in another set of data, showed June retail sales also missing estimates. The sales rose 2% compared with the 3.3% growth forecast.

In June, the country's unemployment rate remained at 5%, the same as the previous month, the release noted.

The Chinese economy is yet to recover from the COVID-19 jolt, as domestic demand continues to remain muted. The pace of inflation remained low at 0.2% in June, marginally missing the expectations.

While exports during the month increased 8.6%, imports dropped by 2.3%, indicating that demand was yet to pick up in the world's second largest economy.