China released second-quarter figures on Monday showing that its economy slowed to 6.2% — the weakest rate in at least 27 year

via CNBC:

  • China’s economy grew 6.2% in the second quarter from a year ago, the country’s statistics bureau said on Monday.
  • Analysts polled by Reuters expect China’s economy to have grown 6.2% from a year ago in the April to June period.
  • The GDP figure comes as the world’s second largest economy remains locked in a trade war with the U.S.

China released second-quarter figures on Monday showing that its economy slowed to 6.2% — the weakest rate in at least 27 years, as the country’s trade war with the U.S. took its toll.

From April to June, China’s economy grew 6.2% from a year ago, the country’s statistics bureau said on Monday. That was in line with the expectations of analysts polled by Reuters, and lower than the 6.4% year-on-year growth in the first quarter of 2019.

The second quarter economic growth was the country’s slowest pace since the first quarter of 1992 — the earliest quarterly data on record, according to Reuters.

China’s statistics bureau said the economy faces a complex situation with increasing external uncertainties, Reuters reported. The world’s second largest economy also faces new downward pressures and will try to ensure steady economic growth, the statistics bureau added.

China’s months-long trade dispute with the U.S. has weighed on its economy.

“Uncertainty caused by the US-China trade war was an important factor and we think this will persist, despite the recent tariff truce, ” said Tom Rafferty, principal economist for China at The Economist Intelligence Unit.

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