China’s June industrial output rises 4.4%, retail sales up 3.1%
2023.07.17 02:43
© Reuters. FILE PHOTO: A labourer piles up steel pipes at a steel and iron factory in Shenyang, Liaoning province April 23, 2010. REUTERS/Sheng Li/File Photo
BEIJING (Reuters) – China’s industrial output grew 4.4% in June from a year earlier, unexpectedly accelerating from 3.5% 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% increase in a Reuters poll of analysts.
Retail sales grew 3.1% in June, slowing from a 12.7% jump in May. Analysts had expected growth of 3.2%.
Fixed asset investment expanded 3.8% in the first six months of 2023 from the same period a year earlier, versus expectations for a 3.5% rise. It grew 4.0% 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.
