China's economy grows at weakest pace in 2 years

ANKARA - In the second quarter of 2022, the Chinese economy grew at its weakest pace in over two years, since the onset of the coronavirus pandemic, the National Bureau of Statistics said Friday.

China's gross domestic product (GDP) rose 0.4 per cent year-on-year, hitting 29.2 trillion yuan ($4.4 trillion) this April-June, Anadolu Agency reported.

The figure missed the market forecast of a 1 per cent rise for the three-month period amid the country's efforts to curb a resurgence in COVID-19.

On a quarterly basis, GDP in the world's second-largest economy shrank 2.6 per cent in the second quarter, it added.

Data suggested that Beijing's annual growth target of 5.5 per cent will be missed this year.

Industrial production in June also came in at below expectations, up 3.9 per cent from a year ago. - Bernama