Economics
China’s Economy Returns to Growth Amid Global Virus Struggle
- Consumer demand is still weak, recovery driven by industry
- Official unemployment rate fell and investment shrank in 2Q
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The Chinese economy returned to growth in the second quarter, marking an important milestone in the global struggle to climb out of the slump brought about by the coronavirus.
Gross domestic product expanded 3.2% in the three months to June from a year ago, reversing a 6.8% decline in the first quarter and beating the median forecast of 2.4%. However, the world’s second biggest economy remains 1.6% smaller than a year ago.