China is expected to report a sharp slowdown in economic growth in the second quarter after widespread COVID lockdowns jolted factories and consumers, although activity in June may have perked up.
Data on Friday is expected to show gross domestic product grew 1% in April-June from a year earlier, a Reuters poll showed, slowing from the first-quarter's 4.8% pace.
"Anemic consumption remains the most daunting challenge owing to labor market strains because sporadic lockdowns have resulted in pay cuts and a hiring freeze." Still, activity data for June is expected to show some improvement, as the government has rolled out a raft of policy measures, cutting taxes for businesses and channeling more money into big-ticket infrastructure projects.Industrial output likely grew 4.1% in June from a year earlier, picking up from 0.7% in May, while retail sales, a gauge of consumption which has been lagging since COVID first hit, likely levelled off in June after falling 6.7% in May.
The Reuters poll forecast China's growth to slow to 4.0% in 2022, far below the official growth target of around 5.5%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD rebound dwindles near 0.6750 ahead of China GDP, US Retail SalesAUD/USD steadies around the mid-0.6700s after bouncing off the lowest levels since June 2020. In doing so, the Aussie pair portrays the market’s cauti
Read more »
Asia-Pacific Stocks Set to Trade Mixed Ahead of China GDP DataAsia-Pacific stocks are set to trade mixed Friday ahead of China data including GDP and retail sales.
Read more »
NZD/USD recovery approaches 0.6150 as risk-aversion ebbs, China GDP, US Retail Sales eyedNZD/USD recovery approaches 0.6150 as risk-aversion ebbs, China GDP, US Retail Sales eyed – by anilpanchal7 NZDUSD Fed Recession Inflation RiskAppetite
Read more »
China June copper imports jump 15% on prior monthDemand picked up following the lifting of covid-19 lockdowns that had hurt manufacturing activity. copper
Read more »
Inflation hit 9.1% in June, highest rate in more than 40 yearsInflation hit a fresh record in June, with consumer price increases breaching 9% as the cost of food, shelter and energy surged.
Read more »