China’s growth slowed in Q2, Singapore’s economy shrunk, reports Moody’s

Figures out this week are likely to provide more signs of slowing growth in Asian economies. China releases its second quarter gross domestic product (GDP) on Thursday. Moody’s Analytics is forecasting a slowdown to 6.5 percent growth, from a 13 percent jump in the first three months of the year. It forecasts 8 percent growth for the full year. China’s GDP rose just 2.3 percent in 2020, the slowest pace in more than 40 years.

China’s industrial production may have grown at a slower pace in June. Moody’s says output eased to an 8 percent year-on-year increase, compared with 8.8 percent growth during the previous month.

“China’s goods-producing industries continue to power the economy forward, but the pace of growth will ease further in the second half,” Moody’s says.

Industrial production figures are released on Thursday along with retail sales data, which Moody’s forecasts will show a 10.5 percent increase on June 2020, slowing from 12.4 percent year-on-year growth the previous month. A five-day holiday in May helped lift the month’s sales figures.

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