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China Q2 GDP grows 6.9%, beats forecasts
July 17, 2017, 5:39 am

A woman works at a textile factory in Tai’an City, east China’s Shandong Province [Xinhua]

China’s GDP rose 6.9 percent year on year in the second quarter of 2017, flat from the first quarter, official data showed Monday.

The pace was slightly higher than previous market consensus of 6.8 percent and well above the government’s annual target of “around 6.5 percent.”

In the first half, the growth rate was also 6.9 percent, the National Bureau of Statistics (NBS) said in a statement.

“The national economy performed within an appropriate range with more visible good momentum,” NBS said.

The quarterly pace came up from 6.7 percent for the first three quarters of 2016 and 6.8 percent for the final quarter of last year.

Urban investment in June remained steady with an 8.6 per cent annual growth rate. Factory output and retail sales clocked 7.6 and 11 per cent growth respectively.

On a quarter-on-quarter basis, the GDP rose 1.7 percent in the second quarter.

On Monday, NBS also reported faster growth of retail sales of consumer goods and industrial production.

 

Source: Agencies

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