RTTNews - China's gross domestic product grew at a faster pace in the second quarter after rising at the slowest pace on record in the first quarter, an official report showed Thursday. The statistical office said the economy stabilized with the increasing positive changes.
Data released by the National Bureau of Statistics said the GDP grew 7.9% year-on-year in the second quarter, faster than the 6.1% growth in the first quarter, and above economists' expectations of 7.8% growth. In the first half of the year, the yearly growth was 7.1%.
All the sectors contributed to the growth in the second quarter. Value added by the primary sector and the secondary sector rose 3.8% and 6.6%, respectively, while value addition by the tertiary sector grew 8.3%.
Industrial production in China surged up 9.1% in the second quarter, faster than a 5.1% rise in the preceding quarter.
At the same time, investments in fixed assets in the country climbed 33.5% year-on-year in the first six months of the year, up 7.2 percentage points from the growth in the same period last year. Investments in fixed assets in the urban areas showed robust growth in the primary, secondary and tertiary sectors.
In June, the consumer price index dropped 1.7% year-on-year, while for the first half of the year, consumer prices were down 1.1%. At the same producer prices fell 7.8% in June and dropped 5.9% in the first half of the year. Economists expected the consumer prices to fall 1.3% year-on-year in June, while they anticipated a 7.4% annual fall in producer prices.
Retail sales rose 15% year-on-year in the first half of the year as also in June. Economists were expecting retail sales to climb 15.3% in June, after a 15.2% rise in the preceding month. After adjusting for price effects, the real retail sales grew 16.6% , up 3.7 percentage points from the same period last year.
The trade surplus in the six months ended June decreased by US$ 2.1 billion from last year to US$ 96.9 billion. Exports were down 21.8% year-on-year, while imports fell 25.4%.
Meanwhile, a report released by the Central Bank Wednesday showed that the M2 money supply rose 28.46% year-on-year in June, after rising 25.7% in the preceding month. The M1 money supply was up 24.79% on a yearly basis in June.
Moreover, the country's foreign exchange reserves climbed further in June. The reserves totaled US$2.131 trillion at the end of June, rising by US$42.1 billion. For the whole of the second quarter, the reserves increased by US$177.85 billion compared to a US$ 7.7 billion rise in the first quarter.
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