Shanghai’s economy contracted 13.7% on year in Q2, unemployment rate hit 12.5%
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Shanghai’s economy contracted 13.7% on year in Q2, unemployment rate hit 12.5%
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Shanghai’s economy contracted 13.7% on year in Q2, unemployment rate hit 12.5%

 

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Shanghai’s economy slumped 13.7% in the quarter following citywide lockdowns in April and May, the biggest contraction among all province-level regions, data from the National Bureau of Statistics (NBS) showed on Friday.

With most businesses shut, Shanghai’s survey-based urban jobless rate rose to 12.5%, also the highest among all province-level regions, versus 5.8% at the national level.

The economy of the Chinese capital Beijing contracted by 2.9% as gyms, restaurants and part of the public transport were closed during the quarter due to an outbreak of the Omicron variant.

The economy of east China’s Jiangsu province, the country’s second-biggest economic powerhouse, contracted 1.1% on year in the quarter, hit by COVID cases particularly in April and May.

The economy of Hainan, an island province popular among domestic tourists, shrank 2.5% with visitors staying away given concerns about possible travel restrictions. The northeastern province of Jilin, battered by protracted COVID curbs from March, saw its economy shrink 4.5% in the second quarter, after slumping 7.9% in the prior quarter.