China’s economy slowed largely in line with economists forecasts in the second quarter, with the recovery showing signs of steadying after record growth in the previous three months.
Gross domestic product expanded 7.9% from a year earlier, the National Bureau of Statistics said Thursday, down from 18.3% in the previous quarter and compared with a median forecast of 8% in a Bloomberg survey of economists.
The recovery has shown signs of plateauing in recent months after a sharp V-shaped rebound driven by industrial output and exports. Even though retail sales have picked up, consumers remain cautious after incomes took a knock during the pandemic and sporadic virus outbreaks more recently restricted travel and spending.