Chinese Q2 GDP has just been released, and it’s beaten expectations.
According to the National Bureau of Statistics (NBS), the economy grew by 6.7% year-on-year in the June quarter, topping expectations for an expansion of 6.6%.
After seasonal adjustments, the economy grew by 1.8% during the quarter, yet again beating forecasts for an expansion of 1.6%.
Like the GDP figure, the majority of the monthly data releases also impressed.
Compared to a year earlier, industrial output grew by 6.2%, higher than the 6.0% level of May and forecasts for a deceleration to 5.9%.
Retail sales also beat, rising 10.6% compared to forecasts for growth of 10.0%.
The one outlier came from fixed asset investment which grew 9.0% between January to June compared to the same period a year earlier. Markets had been looking for growth of 9.4%, following a 9.6% increase reported in May.
More to follow…
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