China GDP Growth Slows; Industrial Output, Retail Sales, Investment Beat Forecasts

15/07/2019 04:08:42 Economic Indicators

China’s second-quarter GDP growth slowed to a 27-year low, data showed on Monday, but the country’s industrial manufacturing, retail sales and fixed-asset investment all beat forecasts.

The country’s GDP growth slowed to 6.2% in the April-June period from a year earlier, data from the statistics bureau showed on Monday. The figure was in line with expectations but lower than first quarter’s 6.4% year-on-year growth.

Meanwhile, industrial output climbed 6.3% from 12 months earlier, compared with the expected 5.2%.

Fixed-asset investment for the first half of this year rose 5.8% from 12 months earlier, in contrast with a 5.6% forecast.

Retail sales for June rose 9.8%, eclipsing expectations for a slight pullback to 8.5%.

Elsewhere, China’s new home prices grew 10.3% year-on-year in June, compared with the expected 10.7%.

Chinese stocks traded higher following the release of the data.

The Shanghai Composite was up 0.8% by 12:07 AM ET (04:07 GMT), while the Shenzhen Component gained 1.4%.