China reports second-quarter GDP growth of 4.7%, missing expectations

• China’s National Bureau of Statistics, NBS, on Monday issued an announcement that the country’s second-quarter GDP rose by 4.7% year-on-year (YoY), failing to meet expectations of a 5.1% growth, according to a Reuters poll. June retail sales also didn’t meet estimates, rising 2% compared with the 3.3% growth that was predicted.
• However, industrial production YoY growth in June, thrashed expectations at 5.3%, compared with Reuters’ estimate of 5.0%. high-tech manufacturing allocated an 8.8% increase in value added in June.
• Investment in infrastructure and manufacturing slowed on a year-to-date basis in June versus May, while real estate investment declined at the same 10.1% rate.
• The urban unemployment rate in June was unchanged from the prior month at 5.0%, the bureau said. The non-employment rate for people ages 16 to 24 who are not in school typically comes out a few days after the overall figure. The latest data available showed the youth unemployment rate remained lofty, at 14.2% in May.
• In nominal terms, GDP grew by 3.97% in the first quarter, and 4.01% in the first half of the year, according to data accessed via Wind Information. Business loans increased by n yuan in the first half of the year, slightly less than the 12.81Tn yuan recorded for the same period last year.

(Source: CNBC)