China’s GDP grows 1.3% in the 2nd quarter and is up 7.9% year-on-year

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the economy of China grew a little less than expected in the second quarter, pressured by higher raw material costs and by new Covid-19 outbreaks, as expectations rise that authorities may have to do more to sustain the recovery.

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O China’s Gross Domestic Product rose 7.9% yoy in the second quarter of 2021. In comparison with the previous quarter, the Chinese GDP showed an increase of 1.3% between April and June and, in the first half of this year, the expansion of the indicator was 12.7%.

Growth slowed significantly from a record 18.3% in the first quarter, when the annual rate was heavily affected by the drop caused by Covid-19 in the first quarter of 2020.

As retail sales it’s at industrial production grew more slowly in June, with the industry hit by a sharp drop in motor vehicle production, while agency data also showed a weakening China’s property market, an important driver of growth.