China released second-quarter figures on Monday showing that its economy slowed to 6.2% — the weakest rate in at least 27 years, as the country’s trade war with the U.S. took its toll.
From April to June, China’s economy grew 6.2% from a year ago, the country’s statistics bureau said on Monday. That was in line with the expectations of analysts polled by Reuters, and lower than the 6.4% year-on-year growth in the first quarter of 2019.
The second quarter economic growth was the country’s slowest pace since the first quarter of 1992, the earliest quarterly data on record, according to Reuters.
For the first half of the year, China’s GDP grew 6.3% on-year.
China’s statistics bureau said the economy faces a complex situation with increasing external uncertainties, Reuters reported. The world’s second largest economy also faces new downward pressures and will try to ensure steady economic growth, the statistics bureau added.