China's GDP growth for the first half lower than expected, with pork production falling 5.5%
The National Bureau of Statistics announced a series of economic data; GDP growth mounts to 6.3% in the first half of the year, with a total value of RMB 45.09 trillion. The growth rate for the second quarter was 6.2% year-on-year, 0.2 percentage points less than the first quarter, and 0.1 percentage point lower than expected.
In June alone, the retail sales of consumer goods increased by 9.8%, higher than the expected 8.5%. The cumulative growth of the first half of the year was 8.4%, also slightly higher than the expected 0.2 percentage points. In June, the added value of industrial enterprises above designated size increased by 6.3% year-on-year, 1.3 percentage points higher than expected; the cumulative growth rate in the first half of the year was 6%, which was slightly higher than the expected 0.1 percentage points. As for the first half of the year, urban fixed asset investment increased by 5.8%, which was 0.2 percentage points higher than expected.
It is notable that pork production fell by 5.5% in the first half of the year due to the impact of African swine fever. The overall poultry production also fell by 2.1% in the first half of the year. The output of beef, lamb and poultry increased by 2.4%, 1.5% and 5.6% respectively.