Shanghai economy contracts 13.7% in second quarter – stats bureau

FILE PHOTO: Customers have their lunch inside a restaurant, as restaurants resume dine-in services amid the coronavirus disease (COVID-19) outbreak, in Shanghai, China June 29, 2022. REUTERS/Aly Song

BEIJING (Reuters) – Shanghai’s economy shrank 13.7% in the second quarter from a year earlier following the citywide COVID-related lockdowns, the biggest contraction among all province-level regions in China, the National Bureau of Statistics (NBS) said on Friday.

Shanghai’s survey-based urban jobless rate jumped to 12.5% in the second quarter, also the highest among all province-level regions, compared with 5.8% at the national level, according to a statement from the NBS.

The consumer inflation rate of the city also soared to 3.9%, above the country’s annual target of 3% growth.

(The story corrects national unemployment figure to 5.8%, not 5.5%, in paragraph 2.)

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