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.)
(Reporting by Ellen Zhang and Ryan Woo; Editing by Christian Schmollinger)
