China’s GDP Grew 4.7% in Second Quarter, Missing Expectations

Retail consumption growth in the April-June period was the slowest since late 2022, while property development investment in the first half fell around 10%

China’s GDP grew 4.7% year-on-year in the second quarter, official data showed Monday, missing market expectations as weak consumption and a prolonged property market slump weighed on growth despite strong exports.

The figure, published by the National Bureau of Statistics (NBS), came in lower than the average estimate of 5.1% growth in a recent Caixin survey of economists. It’s also below the expectation-beating 5.3% growth recorded in the first three months of the year, dragging first-half growth to 5%.