China logged its slowest economic growth since the initial COVID-19 outbreak Friday, expanding just 0.4 percent in the second quarter with lockdowns and property market weakness pushing the government's target further out of reach.
Workers in protective suits walk down a street in Shanghai, China June 9, 2022. REUTERS/ Andrew Galbraith/ File Photo
The slowdown comes after China's biggest city Shanghai was sealed off for two months as it battled a resurgence of the virus, tangling supply chains and forcing factories to halt operations. Economic expansion for April-June period in the world's second-largest economy was also down 2.6 percent from the previous quarter, the NBS.
In Shanghai, where GDP plunged 13.7 percent in the second quarter, the jobless rate stood at 12.5 percent.Economists have long questioned the accuracy of official Chinese data, suspecting that figures are massaged for political purposes. The data comes at a time of mounting challenges in China's key real estate sector -- which by some estimates accounts for a quarter of gross domestic product -- with weak home sales in recent months.
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