China GDP growth falls short of expectations as sinking property prices hit economy

Data shows the economy grew just 0.8% in the June quarter, down from 2.2% in the first three months of 2023

China’s economy expanded 6.3% in the second quarter, falling short of market expectations as export demand remained tepid and sinking property prices sapped consumer confidence.

Compared with a year earlier, China’s GDP in the April-June period was 6.3% larger, the national bureau of statistics said on Monday, quickening from the 4.5% annual growth pace for the first three months of 2023. Economists had forecast growth to accelerate to 7.3%, according to a Reuters survey.

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