(Bloomberg) -- The continued growth of China's finance sector and the strong expansion of IT helped soften the economic slowdown in the second quarter and offset a muted performance from the manufacturing and tertiary sectors.
Output from finance increased 7.6% from a year earlier, a step higher from the previous three-month period, the statistics bureau said Tuesday. Information technology growth slowed to 20.1%, the lowest in two years but still well above the 6.2% expansion in overall gross domestic product.
The sector breakdowns were released in a report on Tuesday, following the announcement of the main data on Monday. Overall GDP slowed slightly from the first quarter, but the data also showed a surprisingly strong expansion in retail sales and industrial output in June.
Read more on the slowest growth in almost three decades
Services, which makes up more than half of output, maintained steady 7% growth, while primary industry expanded 3.3% and secondary industry, which contains manufacturing and construction, slowed to 5.6%.
To contact the reporter on this story: Kari Lindberg in Hong Kong at klindberg13@bloomberg.net
To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Jeffrey Black at jblack25@bloomberg.net, James Mayger, Sharon Chen
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