China’s GDP grew by 6.3% in the second quarter, and increased by 0.8% compared to the previous quarter, falling short of expectations, CNBC reports.
It is a substantial decrease from the 2.2% growth recorded in the first three months of the year.
Analysts had expected the GDP to increase by 7.3% in the second quarter, according to a Reuters poll.
National Bureau of Statistics spokesperson Fu Linghui said China faces a complex geopolitical and economic international environment.
Despite challenges, he expressed confidence that China can still achieve its full-year growth target of around 5% for 2023.
The unemployment rate among young people aged 16 to 24 reached a new record of 21.3% in June.
