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https://www.msn.com/en-us/money/markets/chinas-economy-shrinks-26-after-being-impacted-by-virus-shutdowns/ar-AAZAPog
China's economy shrinks 2.6% after being impacted by virus shutdowns
China's lockdowns imposed during the coronavirus pandemic took a major toll on the country's growth.
Second quarter and annual growth slowed drastically showing the impact on industrial production and consumer spending.
Gross domestic product fell 2.6% in the second quarter from the previous quarter, official data showed on Friday.
That compares with expectations for a 1.5% decline and a revised 1.4% gain in the previous quarter.
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On a year-on-year basis, GDP in the April-June quarter grew a tepid 0.4%, missing forecast of a 1.0% gain, according to a Reuters poll of analysts.
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For the first half of the year, GDP grew 2.5%.
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Major cities went into full or partial lockdowns in March and April, including Shanghai.
Data for June showed a rebound as industrial output grew 3.9% from a year earlier, but still short of expectations.
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A Reuters poll forecast China's growth to slow to 4.0% in 2022, far below the official growth target of around 5.5%.
Reuters contributed to this report.
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