China’s GDP Rises 3.2% in 2Q20, Recoveing from a Record Contraction as Lockdowns End
China’s GDP Rises 3.2% in 2Q20, Recoveing from a Record Contraction as Lockdowns End
China’s 2Q20 economy rose 3.2% year-on-year after recovering from a record contraction of 6.8% in 1Q20, data reported on Thursday – beating analysts’ expectation.
According to Reuters economic poll, the growth was faster than the 2.5% forecast by their analysts, and followed a steep 6.8% slump in the first quarter, the first such contraction since at least 1992 when quarterly gross domestic product (GDP) records began.
It comes as lockdown measures ended and government rolled out stimulus to combat the shock from the Covid-19 pandemic.
While China’s GDP for the first six months fell 1.6%, compared to a year ago, the National Bureau of Statistics said.
On a quarter-on-quarter basis, GDP rose 11.5% in April-June, the bureau said, compared with expectations for a 9.6% rise and a 9.8% decline in the previous quarter.
