China economic growth falls sharply, missing target
Summary
China's economy grew by 4.3% from April to June, which is below its target for the year. Although exports increased strongly, domestic problems like low demand and a weak property market slowed overall growth.Key Facts
- China’s GDP grew 4.3% in the second quarter of 2024.
- This growth is below Beijing’s annual goal of 4.5%-5%, which is the lowest target since 1991.
- Exports increased by 27% in June compared to the previous year.
- Export growth was helped by strong demand for semiconductors and electric vehicles.
- Domestic challenges include a slow property market and weak consumer spending.
- New home prices fell by 0.1% in June, a smaller decline than in May.
- Retail sales grew by 1% in June, improving from a drop of 0.6% in May.
- This economic data covers the first full quarter after the Iran war began in late February.
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