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China's Q2 GDP grows 4.7% y/y, below forecast

Reuters
·1 min read
Person walks past a construction site in Beijing's Central Business District (CBD)

BEIJING (Reuters) - China's economy expanded 4.7% in the second quarter from a year earlier, official data showed on Monday, missing analysts' expectations, even as policymakers seek to boost domestic demand amid a protracted property downturn.

Analysts polled by Reuters had expected second-quarter gross domestic product (GDP) to expand 5.1% from a year earlier, slowing slightly from 5.3% in the previous three months.

The government is aiming for economic growth of around 5.0% for 2024, a target that many analysts believe is ambitious and may require more stimulus.

On a quarter-by-quarter basis, GDP expanded 0.7% in April-June, below expectations for a 1.1% rise and compared with a revised 1.5% gain in the previous quarter.

Analysts expect policymakers to take more steps to support the economy amid the property downturn, mounting local government debts and weak private-sector spending.

(Reporting by Kevin Yao and Joe Cash; Editing by Sam Holmes)