China’s economy is growing slower than expected. As the statistics office in Beijing reported on Monday, Chinese gross domestic product rose by 6.3 percent in the second quarter of the year. The data thus fell slightly short of the forecasts of most economists.
The comparatively high number is mainly due to the low starting position in the same period of the previous year, when the financial metropolis of Shanghai and other parts of China were in rigid corona lockdowns. If you compare the growth in Q2 with the first quarter of the year, then the Chinese gross domestic product increased by only 0.8 percent.
After the country lifted its strict corona restrictions in December, the Chinese economy initially started the new year with optimism. Since then, however, the recovery has cooled off significantly. The export-driven economy is suffering above all from weak global demand, a crisis real estate market and persistently low domestic consumption.
