Shutdown of major cities takes toll, while property market remains in crisis and global outlook is darkening
China’s economic growth has slowed sharply in the second quarter of the year, expanding 0.4% year-on-year and missing expectations, official data showed on Friday, highlighting the colossal toll on activity from widespread Covid lockdowns, which jolted industrial production and consumer spending.
Gross domestic product (GDP) had been forecast to expand 1% in the April-June quarter from a year earlier, according to a Reuters poll of analysts, slowing significantly from 4.8% in the first quarter.
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