China’s GDP at 6.9% in Q2

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Monday, Jul 17 2017

China’s GDP at 6.9% in Q2

China’s economy expanded faster than expected in the second quarter, as traditional growth sectors continued to underpin the economy. The National Bureau of Statistics said gross domestic product (GDP) expanded at an annualized 6.9% in the second quarter, unchanged from the previous quarter and well within the government’s target range of 6.5% to 7%. Analysts in a median forecast called for quarterly growth of 6.8%. Compared to Q1, GDP expanded 1.7%, official data showed.

The National Bureau of Statistics released a barrage of other data on Monday that pointed to faster expansion at the tail end of the second quarter. Retail sales, which measure private and government spending, rose 11% annually last month. That was a notable improvement from May’s 10.7% growth rate. Industrial production, the broadest measure of factory output, expanded 7.6% in the 12 months through June. That was well above the previous month’s 6.5% growth pace. Meanwhile, annual fixed-asset investment – a proxy for long-term spending – 8.6% in the six months through June.

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