Charting the global economy: China’s recovery loses momentum

economictimes.indiatimes.com:

Gross domestic product grew at a slower-than-expected pace of 6.3% from a year earlier, when dozens of Chinese cities were in lockdown. Compared with the first quarter, GDP rose less than 1%.

A measure of economy-wide prices was negative for the first time since 2020. That stands in contrast to Europe, where core inflation increased last month by more than previously reported.

Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:Asia China’s economic recovery lost momentum in the second quarter, putting Beijing’s growth target for the year at risk and adding to concerns about a slowdown in the world economy. Deflation is a major risk now, the data showed, with economy-wide prices declining for the first time since 2020, while youth unemployment climbed to above 21%.

Japan’s consumer prices advanced at a faster clip in June in another indication of lingering stickiness in inflation ahead of next week’s Bank of Japan meeting, although economists forecast a slowdown in coming months. China’s property industry contracted again in the second quarter after a short-lived expansion in the previous three months, adding to the economy’s challenges.EuropeEuro-area underlying inflation, the key measure of price gains for the European Central Bank, accelerated more than initially reported in June, cementing the interest-rate increase widely expected next week.

With headline inflation now having almost halved since its 10.6% peak in October, officials have shifted focus to the narrower measure, which is proving more stubborn. Britain’s inflation rate dropped to the lowest in 15 months, fuelling hopes among investors and economists of a shift away from the worst price spiral