China's economy shrinks 2.6% after being impacted by virus shutdowns
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China's lockdowns imposed during the coronavirus pandemic took a major toll on the country's growth.
Second quarter and annual growth slowed drastically showing the impact on industrial production and consumer spending.
Gross domestic product fell 2.6% in the second quarter from the previous quarter, official data showed on Friday.
That compares with expectations for a 1.5% decline and a revised 1.4% gain in the previous quarter.
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FILE – A worker operates a machine for knitting socks in a factory in Funan county in central China’s Anhui province. China’s economic growth plunged to 0.4% over a year earlier in the latest quarter, officials announced Friday. (Chinatopix via AP, File / AP Newsroom) On a year-on-year basis, GDP in the April-June quarter grew a tepid 0.4%, missing forecast of a 1.0% gain, according to a Reuters poll of analysts. For the first half of the year, GDP grew 2.5%. MORE CHINESE CITIES IMPOSE COVID LOCKDOWNS AS 'CLUSTERS' SPREAD Major cities went into full or partial lockdowns in March and April, including Shanghai. Shoppers wearing face masks wait to pay for their groceries at a supermarket in Wuhan in central China’s Hubei province. ( Chinatopix via AP / AP Newsroom) Data for June showed a rebound as industrial output grew 3.9% from a year earlier, but still short of expectations. US LAWMAKERS REACH AGREEMENT TO CUT OFF AMERICAN INVESTMENT IN CHINA A man lowers his mask to drink from a cup as he walks near a mall, Wednesday, July 13, 2022, in Beijing. ((AP Photo/Ng Han Guan) / AP Newsroom) A Reuters poll forecast China's growth to slow to 4.0% in 2022, far below the official growth target of around 5.5%. Reuters contributed to this report. Source: Read Full Article
