China's Economy Falls Short of Forecasts with Record High Youth Unemployment
TL;DR Summary
China's economy grew slower than expected in the second quarter, with GDP expanding by 0.8% compared to the previous quarter and 6.3% year-on-year. Retail sales in June increased by 3.1% and industrial production output rose by 4.4%. However, youth unemployment reached a record high of 21.3% in June, highlighting the challenges in the job market. Despite the slower growth, China's National Bureau of Statistics sees the results as indicating a positive post-pandemic recovery momentum. Beijing has set a conservative growth target of about 5% for 2023.
- China’s economy misses forecasts as youth joblessness hits record Al Jazeera English
- China reports second-quarter GDP miss, another record high in youth unemployment CNBC
- China GDP Grows 6.3% in Second Quarter, Misses Estimate Bloomberg Television
- China’s economy grows 6.3% in Q2 compared with low base CNN
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