China's GDP slows down in the second quarter with a growth of 7.9%

China's gross domestic (GDP) product grew by 7.9% year-on-year in the second quarter of 2021, according to official data published on Thursday. The data, di

China's GDP slows down in the second quarter with a growth of 7.9%

China's gross domestic (GDP) product grew by 7.9% year-on-year in the second quarter of 2021, according to official data published on Thursday.

The data, disclosed by the National Statistics Office (ONE), is a slowdown with respect to the progress of 18.3% registered in the first three months of the year, and is only slightly below what was expected by the analysts, which predicted A growth of around 8%.

However, at the same time, it confirms once again China's economic recovery trend after controlling the Covid pandemic, which caused the first GDP fall in the first quarter of 2020 since 1976 (-6.8%).

That collapse also explains the spectacular increase in the indicator during the first quarter of 2021 and puts in context the fall registered between April and June, since the comparative base of the second quarter of 2020 (+3.2%) was not so promoted to replicate A double-digit growth.

Thus, in the global of the first semester, the second world economy expanded 12.7% year-on-year.

In nominal terms, the total richness of China reached 53.22 billion yuan (8.23 billion dollars, 6.96 billion euros) at the end of June.

ONE said that, so far this year, "the national economy witnessed how the inertia of firm and sustained growth consolidated" despite the fact that the national and international environment remains "complicated and changing".

After not marking a growth objective in 2020, the Chinese government recovered its habitual forecast this year and set this goal in a bit concrete "more than 6%", below what was expected by analysts.

Meanwhile, global institutions such as the International Monetary Fund (IMF) place its growth forecasts for China by 8.4% during the global 2021.

In 2020, after the collapse of the first quarter, the Chinese economy drew an upline and, according to official data, it ended up growing 2.3%.

Updated Date: 25 July 2021, 06:59

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