City skyline in China

China GDP Q2 2023

China: Annual GDP growth accelerates in the second quarter, but underlying momentum slows

GDP expanded 6.3% on an annual basis in Q2 (Q1: +4.5% year on year). Q2’s reading marked a two-year high, but undershot market expectations of a 7.0% expansion.

The services sector grew 7.4% annually in the second quarter, picking up from the first quarter’s 5.4% increase and marking the best reading since Q2 2021. In addition, the industrial sector gained steam, growing 5.2% in Q2 (Q1: +3.3% yoy). Agricultural sector growth was steady at 3.7% in Q2.

On a seasonally-adjusted quarter-on-quarter basis, economic growth moderated to 0.8% in Q2, following the previous period’s 2.2% growth.

Looking at June data, growth in retail sales slowed to 3.1%, while growth in industrial output and nominal fixed investment accelerated to 4.4% and 3.8% respectively. Meanwhile, a host of property indicators, including real estate investment, the sales area of commercial housing, and the real estate sentiment index, deteriorated in June.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen