China's economy grew 4.7 per cent year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.
"By quarter, the GDP for the first quarter increased by 5.3 per cent year on year and for the second quarter 4.7 per cent," Beijing's National Bureau of Statistics (NBS) said in a statement.
The figures were much lower than the 5.1 per cent predicted by analysts polled by Bloomberg.
Retail sales -- a key gauge of consumption -- also slowed to just two per cent in June, the NBS said, down from 3.7 per cent in May.
The world's second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and trade tensions with Western rivals
Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on how they might kickstart lacklustre growth.
