China’s 2Q23 GDP Grows 6.3%, but Misses Expectations

China’s economic growth in the second quarter missed expectations, while the unemployment rate among young people hit a new record in June as the country is struggling with the property sector and exports plunged over weak global demand.

Growth of the world’s second largest economy in the second quarter of 2023 came in at 6.3% from a year prior, missing expectations of economists polled by Reuters for a 7.3% growth. An expansion in the second quarter rose 0.8% from the first quarter, slower than a 2.2% pace shown in the first three months of this year.

Meanwhile, the unemployment rate among young people ages 16 to 24 in June came in at 21.3%, which was a new record.

Retail sales in June were slightly missed expectations, coming in at 3.1% compared to 3.2% estimated. Nevertheless, industrial production accelerated 4.4% from a year ago, topping expectations for 2.7% growth.