China's economy lost growth momentum in the second quarter due to weak demand at home and abroad.
Gross domestic product (GDP) reportedly increased by only 0.8% in the second quarter (April-June) from the previous quarter which recorded an expansion of 2.2%.
On an annual basis, the economy grew 6.3% in the quarter, up from the 4.5% recorded in the first quarter, but missed expectations for 7.3% growth.
A spokesperson for the National Bureau of Statistics (NBS) which released the data said that China is facing a complex geopolitical and economic international environment.
However, the country can still reach its full-year growth target of around 5% for 2023 last March.
The data release was also followed by a report of retail sales that rose 3.1% in June, down significantly from the previous month's 12.7% reading and slightly missing expectations for a 3.4% increase.
However, industrial production data was unexpectedly better with an increase of 4.4% in June from last year compared to the forecast of 2.7%.
China ended its containment of Covid-19 in December, but since then it has seen a dismal economic recovery affected by a slumping property sector and plunging exports due to falling global demand.
Following the data, the Aussie and New Zealand dollars recorded a decline and retreated further from the highs recorded last week.
