China Q2 GDP +1.1% q/q (vs. +0.9% expected. +1.2% prior))

Economic growth data from China for the April - June quarter 2025

Q2 GDP +1.1% q/q, strong data just a touch below Q1

• expected +0.9%, prior +1.2%

Q2 GDP +5.2% y/y for a beat of expectations also

• expected +5.1%, prior +5.4%

Given the headwinds facing China's economy (tarrifs!) this is very impressive data. Economic growth exceeded the government's full-year target. Strong exports to markets outside the US helped sustain production.

Out at the same were 'activity data' for June 2025:

• China June retail sales +4.8% y/y (expected +5.4%), Industr output +6.8% (expected +5.7%)