China's GDP Growth Slows in Q2 of 2024
Missing Market Forecasts
According to the World Bank and OECD, China's economy expanded 4.7% year-over-year in Q2 of 2024, missing market forecasts of a 5.1% growth rate. This marks a slowdown from the 5.1% growth recorded in Q1 of 2024.
Economic Indicators
- China's GDP growth for 2022 was 1.8%, an 0.8% increase from 2021.
- China's GDP growth rate for 2020 was -2.4%, a 3.7% decline from 2019.
- Full Year GDP Growth in China increased to 5.2% in 2023 from 3.0% in 2022.
Factors Contributing to the Slowdown
Several factors contributed to the slowdown in Q2 of 2024, including:
- The ongoing COVID-19 pandemic has continued to disrupt supply chains and economic activities in China.
- China's real estate market has been experiencing a slowdown, which has had a negative impact on the construction sector and overall economic growth.
- Global economic headwinds, such as the Russia-Ukraine war and rising inflation, have also had an impact on China's economy.
Outlook for the Future
The World Bank forecasts that China's GDP growth will slow to 4.3% in 2024. However, the bank also notes that the outlook remains uncertain, and the actual growth rate could vary depending on the aforementioned factors.
China's GDP Growth: Key Takeaways
- China's GDP growth slowed to 4.7% in Q2 of 2024, missing market forecasts.
- The slowdown is attributed to several factors, including the ongoing COVID-19 pandemic, the real estate market downturn, and global economic headwinds.
- The World Bank forecasts that China's GDP growth will slow to 4.3% in 2024, but the outlook remains uncertain.
Comments