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Gross domestic product expanded 7.9% from a year earlier, the National Bureau of Statistics said Thursday, down from 18.3% in the previous quarter and compared with a median forecast of 8% in a Bloomberg survey of economists. On a two-year average growth basis, which strips out the effect of last year’s pandemic, the economy grew 5.5% last quarter, higher than 5% in the previous three months.​ The recovery has shown signs of plateauing in recent months after a sharp V-shaped rebound driven by industrial output and exports. Consumers had remained cautious after incomes took a knock during the pandemic and sporadic virus outbreaks more recently restricted travel and spending. The June pickup in retail sales may fuel optimism that the recovery is becoming more balanced.

United statesHong kongSociete generaleBecky liuHelen qiaoLi keqiangPeople bankStandard chartered plc in hong kongNational bureau of statisticsBloomberg televisionNational bureauGreater chinaAmerica securitiesMichelle lamBloomberg economics saysStandard chartered plc