China's economy grew 6.3 percent year on year in the second quarter, a figure that belies the country's slowing post-pandemic recovery and one that analysts warn is inflated given the low base of comparison with lockdown-wracked 2022. | ManilaBulletin
Beijing's National Bureau of Statistics released the growth data on Monday, saying in a statement that the economy "showed a good momentum of recovery".
But China's recovery, which has been slow to take hold in some sectors, appears to already be running out of steam. In quarter-on-quarter terms -- considered a more realistic basis for comparison -- Monday's data showed the world's second-largest economy only grew 0.8 percent in April through June. Retail sales, a key gauge of consumption, edged up 3.1 percent in June from a year earlier, according to the NBS, slowing from the 12.7 percent rise in May.
"In some areas, particularly in services, the revival has been particularly strong," she said, adding that consumption levels had not recovered to pre-pandemic levels.
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