2023.07.1704:55:00UTC+00China Economy Expands 6.3% In Q2

China's economy expanded at a faster pace in the second quarter, data from the National Bureau of Statistics showed on Monday.

Gross domestic product logged an annual growth of 6.3 percent in the second quarter, faster than the 4.5 percent expansion in the first quarter. However, this was weaker than economists' forecast of 7.3 percent.

On a quarterly basis, GDP was up 0.8 percent, weaker than the 2.2 percent growth in the first quarter. GDP was expected to climb 0.5 percent.

In June, industrial production posted an increase of 4.4 percent from a year ago, better than the expected 2.7 percent growth.

At the same time, retail sales advanced 3.1 percent, slightly weaker than the forecast of 3.2 percent.

In the first half of the year, fixed asset investment grew 3.8 percent compared to expectations of 3.5 percent.

Data showed that the urban surveyed unemployment rate came in at 5.2 percent in June.