Despite Expectations of a -1.5 Percent Decline, China's GDP Shrank by 2.6 Percent Year Over Year in Q2 2022.

China's annualised GDP for the second quarter of 2022 came in at 0.4 percent, behind expectations of 1.0 percent and 4.8 percent, while the QoQ reading came in at -2.6 percent, below estimates of -1.5 percent and 1.4 percent.

July 15, 2022 - 11:19 AM 236 views

Despite Expectations of a -1.5 Percent Decline, China's GDP Shrank by 2.6 Percent Year Over Year in Q2 2022.

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© Despite Expectations of a -1.5 Percent Decline, China's GDP Shrank by 2.6 Percent Year Over Year in Q2 2022.

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China's annualised GDP for the second quarter of 2022 came in at 0.4 percent, behind expectations of 1.0 percent and 4.8 percent, while the QoQ reading came in at -2.6 percent, below estimates of -1.5 percent and 1.4 percent.

Retail Sales YoY for June were 3.1 percent, which was below expectations of 0 percent and 6.7%, while Industrial Output YoY was 3.9 percent, below expectations of 4.1 percent and 0.7 percent.

The Fixed Asset Investment YoY, nevertheless, was 6.1 percent in the reporting month compared to 6.0 percent anticipated and 6.2 percent in the previous.

Key Details

·         China's first-quarter GDP increased by 2.5% year over year.

·         China's June national survey-based unemployment rate was 5.5%.

·         China's June survey-based unemployment rate was 5.8% in 31 major cities.

·         In H1, the Chinese economy added 6.54 million new urban jobs.

The Market Reaction

The Australian Dollar was mostly unaffected by the mixed data, with the AUD/USD pair maintaining a range above 0.6750.

The price of the spot was last spotted at 0.6755, up 0.16 percent today.

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