BUSINESS

China’s Economy Shows Sign Of Slowing Down

Following the sharp rebound from the coronavirus pandemic by the Chinese economy it has now slowed, according to press reports.

Gross domestic product (GDP) increased by 7.9% in the second quarter of 2021 compared to the same time last year.

However, this was a reduction in quarter over quarter and missed economists’ forecasts of 8.1% growth.

In April, official figures showed that China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year.

It was the biggest jump in GDP since China started keeping quarterly records in 1992.

However, that expansion was also below expectations, after a Reuters poll of economists predicted growth of 19%.

They were also heavily skewed, and less indicative of strong growth, as they are compared to last year’s huge economic contraction – China’s economy shrank 6.8% in the first quarter of 2020 due to nationwide lockdowns at the peak of its Covid-19 outbreak.

Readers Bureau, Contributor

Edited by Jesus Chan

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