By CountingPips.com
A Chinese government release today showed that China’s gross domestic product grew at a slower pace than expected in the second quarter of 2010. The Chinese economy grew by 10.3% on an annual basis in the April to June quarter following an 11.9% annual advance in the first quarter. This was slightly lower than the economic forecasts that were expecting an approximate 10.5% year-over-year rise in China’s GDP.
The second quarter GDP rise brought the size of China’s economy to US$2.553 trillion or 17.284 trillion Chinese yuan.
Also reported today by the National Bureau of Statistics of China showed that Chinese consumer inflation slowed down a bit in June. The consumer price index increased by 2.9% in June following a 3.1% increase in May and came in below market forecasts that were expecting inflation to increase to 3.3% per month.
Meanwhile, Chinese producer price inflation increased by 6.4% on an annual basis through June following a gain of 7.1% in May. This release was below market forecasts expecting a 6.8% increase.
