NBS: China's H1 GDP up 5.3% YoY, economy grows steadily

The growth rate for the second quarter recorded 5.2%, slightly beating the 5.1% market consensus and keeping the country on track to meet its full-year target of 5%, Mysteel Global has learned.

China's economy grew steadily during the first half of this year, with domestic production and demand expanding, employment staying generally stable, and household incomes continuing to rise, according to the NBS.

Among the three backbones of China's economy, the tertiary sector or services remained the largest driving force to the GDP growth in H1, with its production value increasing 5.5% on year to reach Yuan 39.03 trillion, NBS data showed.

Within the sector, the information transmission, software and information technology services industry posted the strongest performance, with its value added in H1 jumping 11.1% on year. Meanwhile, the added value of the leasing and business services industry expanded by 9.6%, and those of transportation, storage and postal services and wholesale and retail services grew by 6.4% and 5.9% respectively.

On the other hand, the output of China's agriculture sector expanded 3.7% on year to reach Yuan 3.12 trillion during H1, and that of the industrial sector gained 5.3% to Yuan 23.91 trillion, the NBS data showed.

Within the industrial sector, mining and manufacturing industries posted robust growth of 6% and 7% respectively. Specifically, high-tech manufacturing jumped by 9.5%. By industrial products, the value added for 3D printing equipment, new energy vehicles, and industrial robots soared 43.1%, 36.2%, and 35.6% on year respectively.

In H1, total retail sales of consumer goods across China increased by 5% on year to reach Yuan 24.55 trillion, while the country's per capita disposable income expanded 5.3% on year to Yuan 21,840, NBS data showed.

Written by Anthea Shi, shihui@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com