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Shanghai’s Economy Shrank Almost 14% as Lockdown Took Toll

  • Regional GDP data show biggest slumps were in Shanghai, Jilin
  • That helped drag down overall growth in China to 0.4% in 2Q
Bloomberg business news
WATCH: Wei Yao of Societe Generale talks about the growth slowdown in China and its outlook.Source: Bloomberg

Shanghai’s economy shrank almost 14% in the second quarter when a two-month lockdown in the financial and trading hub shuttered factories, curbed consumer spending and disrupted operations at the world’s largest port.  

Regional data released by China’s statistics bureau Friday showed the two places with the strictest virus curbs last quarter -- Shanghai and Jilin -- had the the worst economic performance, another sign of the damage the government’s Covid Zero policy has had on the world’s second-largest economy.