by Kevin Killough
China’s economy in the last quarter grew by the slowest rate in three years, which is part of a larger slump economic forecasts had expected.
The National Bureau of Statistics on Wednesday said the economy grew by 4.3% in the second quarter compared to a year ago, and that was down from 5% growth in the first quarter, the New York Times reported. While forecasters had expected slower growth, the pace in the second quarter fell beneath expectations.
China has seen explosive growth in the manufacturing of computer chips and electric vehicles, but a long-running property crisis drove large drops in construction, which is hitting domestic economic growth. Jobs outside factories are becoming scarce, and incomes aren’t growing. Retail sales fell in May for the first time since the end of the COVID lockdowns in 2022. Though they recovered slightly in June.
Since 2010, China’s GDP rate has been decreasing. That year, the Communist country saw its GDP growth at 10.60%. From 2012 to 2014, its GDP growth ranged from 7.46% to 7.86%.
Between 2015 and 2019, China’s GDP growth ranged between 6.07% and 6.98%.
A government report released on Tuesday showed exports surging by 27% in June, compared to the previous year. This was driven primarily by shipments of computer chips, batteries and vehicles. But the country’s promising export figures hide sluggishness in other parts of its economy.
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Kevin Killough is a reporter for Just the News. Zachery Schmidt is the digital editor of The Star News Network and contributed to this story.
