Wed. Oct 9th, 2024

The country’s GDP plunged 2.6% on a quarterly basis

China’s economy slowed in the second quarter of 2021, recording its worst quarterly performance since the start of 2020, when it was brought to a near standstill amid the first outbreak of the Covid-19 pandemic.

According to data released by China’s National Bureau of Statistics (NBS) on Friday, the country’s GDP grew by a mere 0.4% in the three months to June 30, compared with the same period last year. On a quarterly basis, GDP shrank 2.6%.

For the first half of the year, the economy grew by 2.5%, much less than Beijing’s 5.5% target for 2022. The government admitted on Friday that reaching the GDP goal would be difficult in the coming months.

There are challenges to achieve our expected economic growth target for the whole year,” Fu Linghui, a spokesperson for the NBS, said at a press briefing. He noted that apart from the pandemic troubles at home, higher global commodity prices and growing stagflation risks around the world also affect China’s economy.

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