China GDP slowed to 4.3% in Q2, missing the 4.5% consensus and marking the weakest quarter since 2022. June industrial output beat forecasts, but property investment declined 18% in the first half.
China’s economy grew 4.3% year-on-year in the second quarter, slowing from 5.0% in the first quarter and missing the consensus estimate of 4.5%. That was the weakest quarterly reading since the pandemic-era low of 2022. First-half GDP came in at 4.7%, barely inside Beijing’s full-year target range of 4.5% to 5.0%.
June’s monthly data offered a more mixed picture. Industrial production accelerated to 5.3% year-on-year from 4.5%, beating expectations comfortably. Retail sales returned to growth at 1.0% after a 0.6% contraction in May, suggesting some improvement in household spending late in the quarter.
Investment remained the biggest drag. Fixed asset investment fell 5.7% year-to-date, a steeper decline than the prior 4.1% drop. Property investment contracted 18.0% in the first half, extending a slump that has weighed on the economy for more than two years.
National Bureau of Statistics Deputy Commissioner Mao Shengyong said the economy operated “within an appropriate range” in the first half but acknowledged that rising external uncertainty and weak domestic demand continue to cloud the outlook. He called for strengthening the domestic market and developing new growth drivers.
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