According to official data released today morning, China’s economy grew well below expectations. After the weak indicator from the Asian giant, brent oil started the week with sellers.
According to official figures, the Chinese economy grew by 0.8% in the second quarter of the year and by 6.3% in the last 1 year. Although the quarterly data came in positive against the 0.5% expectation, the annual GDP forecast fell short of expectations. Markets had expected the Asian giant to grow by 7.3% year-on-year, with the data released today.
Economic Recession Is At The Door In China!
The world’s second largest economy, which carries out a zero-case policy during the pandemic process, is facing the risk of recession. In the housing market in China, where business was disrupted to a great extent due to factories that went into quarantine one after another last year, things are not encouraging at all. Although the government cut interest rates at the last central bank meeting to revive the economy, experts do not expect a rapid recovery.
Brent Oil Price Dropped!
Recession signals from the world’s largest oil importer brought the price of brent oil down.
Brent oil priceThe precious commodity, which hit $81.50 last week, started the week with a 1% decline. Brent finds buyers at $ 78.60 as of now.
The International Energy Agency, which recently published a report, expects global demand to continue to rise. You can find the summary of the report here.
