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China's GDP Falls To 27-Year low

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China's economic growth fell to 6.2% in the second quarter from a year earlier, the weakest in at least 27 years, as demand at home and abroad faltered as the United States ratcheted up trade pressure, a Reuters report has stated.

 

But stronger-than-expected gains in June factory output and retail sales offered some signs of stabilisation, the report said.

 China's GDP Falls To 27-Year low

"China's trading partners and financial markets are closely watching the health of the world's second-largest economy as the Sino-U.S. trade war gets longer and costlier, fuelling worries of a global recession.

Monday's growth data marked a further loss of momentum for the economy from the first quarter's 6.4%, amid expectations that Beijing needs to announce more measures to boost consumption and investment and restore business confidence," Reuters said.

Meanwhile, most Asian markets fell lower following the GDP number. The Shanghai Composite, however, gained ground in trade.

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Read more about: economic growth economy gdp
Story first published: Monday, July 15, 2019, 10:04 [IST]
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