FX.co ★ China's GDP Growth Plummets to 0.7% in Q2 2024, A Significant Drop from Q1

China's economic growth has sharply declined in the second quarter of 2024, as the nation's Gross Domestic Product (GDP) growth rate plummeted to 0.7%. This substantial decrease comes after the first quarter's GDP growth rate had previously settled at 1.6%. The data, updated on 15 July 2024, reveals a challenging economic scenario as the quarter-over-quarter comparison paints a stark contrast between the two periods.

The first quarter of 2024 had demonstrated a more robust economic performance, building on previous growth and maintaining a moderate upward trajectory. However, the second quarter's figures, reflecting a significant drop in economic activity, suggest potential issues within China's economic framework. This new 0.7% growth rate highlights a considerable slowdown, raising questions about underlying economic pressures and policies.

Economists and policymakers will likely scrutinize these latest figures to understand the reasons behind the deceleration and to identify strategic measures to revive and stabilize growth as the year progresses. The global financial community remains attentive to these developments, given China's influential role in the world economy.