China's economic growth took a nosedive between April and June, missing its already modest target, as weak domestic demand and the Iran war's impact on oil prices muscled out the country's otherwise impressive export performance.

Official GDP figures show the world's second-largest economy grew at a mere 4.3% in the second quarter - below Beijing's annual target and down from 5% in the first quarter. This is the lowest quarterly expansion since the end of 2022, when China was still shaking off its strict Covid-19 restrictions.

The announcement comes a day after data revealed China's exports jumped 27% in June compared to last year, suggesting the country is doing just fine selling stuff abroad - it's the buying stuff at home part that's the problem.

In March, China cut its growth target to 4.5%-5%, its lowest since 1991, which analysts say gives officials more wiggle room. The National Bureau of Statistics cited "more external instability and uncertainty factors" and noted an imbalance between strong supply and weak demand.

Separate data highlighted ongoing challenges: a long-running property slump and weak consumer spending. New home prices fell again in June, though the 0.1% drop was slightly less bad than May. Retail sales rose 1% in June, a welcome improvement from May's 0.6% decline.

On the bright side, China's tech exports got a boost from global hunger for semiconductors to power AI data centers, and electric vehicle exports surged, with monthly car exports topping one million for the first time. So, at least the robots and EVs are doing their part.