Shanghai economy contracts 13.7% in second quarter - stats bureau

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 the 5.5% 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.