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China’s economic growth more than halves in second quarter

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Reuters

By Kevin Yao and Gabriel Crossley BEIJING (Reuters) -China’s economic growth more than halved in the second quarter from a record expansion in the first three months of the year, as slowing manufacturing activity, higher raw material costs and new COVID-19 outbreaks weighed on the recovery momentum. Gross domestic product (GDP) expanded 7.9% in the April-June quarter from a year earlier, official data showed on Thursday, missing expectations for a rise of 8.1% in a Reuters poll of economists. Growth slowed significantly from a record 18.3% expansion in the January-March period, when the year-o…

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