China's economy showed weakness in Q2 and youth unemployment hits 21.3% in June

Posted on July 21, 2023   |  

In April-June, China's economy grew annually by 6.3%, quicker than the previous 3 months but weaker than the 7.1% expected.

In Q2, the figure grew by 0.8% from Q1, slower than the 2.2% quarter-on-quarter rate registered in the first 3 months of 2023. 

Retail sales grew by 3.1% in June compared to 2022, slowing from the 12.7% rise in May.

Chinese youth unemployment soared to a high of 21.3%, up from 20.8% in May, and the average unemployment figure stayed at 5.2%.