Global Economy

China’s economy grows by less than forecast in Q2 due to weaker retail sales

Chinese GDP expanded by 6.3 per cent in the second quarter of 2023, which was significantly lower than the 7.1 per cent growth forecast by analysts

Chinese President Xi Jinping

China’s economic growth trailed expectations in the second quarter, with worrying signs of a slowdown in consumer spending and ongoing pain in the property market prompting calls for Beijing to do more to support the recovery.

Gross domestic product expanded 6.3 per cent in the second quarter from a year prior, data released by the National Bureau of Statistics showed Monday, weaker than the median forecast of 7.1 per cent by economists surveyed by Bloomberg.