A laborer piles up steel pipes at a steel and iron factory in Shenyang, Liaoning province. REUTERS/Sheng Li/File Photo
BEIJING – China’s industrial output grew 4.4 percent in June from a year earlier, unexpectedly accelerating from 3.5 percent seen in May, but demand remains lukewarm amid a bumpy post-COVID economic recovery.
The data released by the National Bureau of Statistics (NBS) on Monday came above expectations for a 2.7 percent increase in a Reuters poll of analysts.
Retail sales grew 3.1 percent in June, slowing from a 12.7- percent jump in May. Analysts had expected growth of 3.2 percent.
Fixed asset investment expanded 3.8 percent in the first six months of 2023 from the same period a year earlier, versus expectations for a 3.5- percent rise. It grew 4 percent in the January-May period.
China’s post-pandemic economic recovery has slowed sharply after a brisk start in the first quarter, with the central bank pledging more support to boost activity and consumer and business confidence.
READ:
China’s Q2 GDP growth slows to 0.8% q/q, raises stimulus expectations
China’s May factory output, retail sales growth miss expectations
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
