Chinese economy grows by 4.7% in Q2, below market expectations

ISTANBUL

The gross domestic product (GDP) of China rose by 4.7% in the second quarter of 2024, below market expectations, according to official figures on Monday.

The country's economy expanded by 5.3% in the first quarter, and market forecast was a GDP growth rate of 5.1% in the second quarter, the National Bureau of Statistics said. In the first half, the economy grew by 5%.

In the January-June period, the unemployment rate averaged 5.1%, down 0.1 percentage points.

Consumer inflation rose by 0.1% year-on-year, while the index in the first quarter maintained the same level.

In the first half, the producer prices for industrial products went down by 2.1% year-on-year.