China Q2 economic growth slows to 4.7%; H1 average at 5%

SINGAPORE (ICIS)–China’s economy posted a second-quarter growth of 4.7% year on year, decelerating from the 5.3% pace registered in the previous quarter, official data showed on Monday.

On a quarter-on-quarter basis, the economy posted a 0.7% growth in Q2, less than half the 1.6% expansion rate posted in Q1, according to the National Bureau of Statistics (NBS).

In the first half of 2024, China’s GDP growth averaged 5%, which was in line with the government’s full-year target.

Persisting property slump, inadequate demand and overcapacity remain big challenges for the world’s second-biggest economy, analysts said.

Thumbnail image: Qianwan container terminal in Qingdao, Shandong province in China – 12 July 2024 (Shutterstock)