China GDP Grows 6.3% in Second Quarter

China’s economy expanded 6.3% in the second quarter from a year ago, falling short of market expectations as export demand remained tepid and sinking property prices sapped consumer confidence.

The jobless rate for the 16-24 age group hit a new high of 21.3 per cent in June, up from 20.8 per cent in May.

Compared with a year earlier, China’s GDP in the April-June period was 6.3% larger, the national bureau of statistics said on Monday, quickening from the 4.5% annual growth pace for the first three months of 2023. Economists had forecast growth to accelerate to 7.3%, according to a Reuters survey.

The trade sector recorded particularly weak figures; in June alone, it fell about 6%, with exports slumping 8.3% to just shy of 2tn yuan (US$280bn) and imports off 2.6%.

Also for June alone, China’s retail sales grew 3.1% compared with May’s 12.7% surge. Analysts had expected growth of 3.2%, Reuters said.

Other official data out on Monday showed the value of newly constructed commercial residential buildings continued to decline in almost all the 70 largest cities in China.