China’s economy shrinks in the second quarter of 2022

The Chinese economy contracted sharply in the second quarter of this year 2022, while annual growth slowed significantly, highlighting the huge losses in economic activity due to the widespread closures to contain the Corona virus, which shook industrial production and consumer spending.

Official data released Friday showed that China’s gross domestic product (GDP) fell 2.6% in the second quarter versus the previous quarter, compared to expectations for a 1.5% decline and a revised 1.4% gain in the previous quarter.

On an annual basis, GDP in the first quarter from April to June grew by 0.4%, missing expectations for a 1.0% increase, according to a Reuters poll of analysts, a sharp slowdown from the 4.8% recorded in the first quarter.