China's economy records its slowest growth since 1992
- Asian Market
- 1 month ago
China’s economy has slowed down to its worst rate since the first quarter of 1992, almost 27 years, as the numbers showed a retreat of 6.2% mainly due to the continuing trade war with the U.S.
During the second quarter of the year China’s economy increased to 6.2% from the previous year which was the figure most analysts expected and slightly lower than the 6.4% year-on-year growth for the beginning of this year.
Beijing’s statistics bureau stated that the economy faces a complex situation with increasing external uncertainties and downward pressures, nevertheless reassuring that it will do its upmost to steady the economic growth.
While China’s second quarter GDP was lower on-year, industrial activity in June “surprised to the upside, with year-on-year growth of industrial production jumping to 6.3% versus 5.0% in May.
Retail sales growth also increased to 9.8% from a year ago in June compared to 8.6% in May.
Source: Smart Trend Team