The growth of the Chinese economy during the second quarter of the year atteined 6.2%, two tenths below the 6.4% of the first three months of 2019, which represents the slowest expansion rate of the Asian giant since The first quarter of 1992. It was published by the National Statistics Office of China (ONE), highlighted the “complex domestic and international environment” in reference to the commercial tensions with the United States.
Thus, in the first half of 2019 the China’s GDP recorded a growth of 6.3%, reaching a value of 45.09 billion yuan, which the Chinese government agency called “a reasonable range, maintaining a momentum of progress in general stability.”
“However, we must also be aware that economic conditions remain severe both at home and abroad,” the agency warned, noting that global economic growth is slowing, while “external instabilities and uncertainties are increasing” and the economy is under new downward pressure.
Between January and June, the added value of the primary sector amounted to 2.32 trillion yuan, 3% more than in the same period of 2018, while the industry grew by 5.8%, up to 17.99 trillion yuan, and services 7%, up to 24.77 billion yuan.
“The economic structure continued to be optimized,” said the Chinese statistics agency, noting that in the first semester the added value of the tertiary sector represented 54.9% of total GDP, half a percentage point more than a year earlier.
Likewise, the Office indicated that between January and June, final consumption expenditure contributed to 60.1% of China’s GDP growth, specifying that consumption of services represented 49.4% of final consumption expenditure of households, six tenths more than in the same period last year.