BEIJING : China's industrial output rose 3.5 per cent in May from a year earlier, official data showed on Thursday, slightly missing expectations, as faltering demand at home and abroad adds pressure on policymakers to shore up a shaky economic recovery.May's expansion marked the slowest growth since Febr
BEIJING : China's industrial output rose 3.5 per cent in May from a year earlier, official data showed on Thursday, slightly missing expectations, as faltering demand at home and abroad adds pressure on policymakers to shore up a shaky economic recovery.Analysts polled by Reuters had expected output growth to cool to 3.6 per cent from 5.6 per cent in April.
Retail sales, a key gauge of consumption, jumped 12.7 per cent in May from a year earlier, according to the National Bureau of Statistics, slowing from the 18.4 per cent gain in April.Fixed asset investment expanded 4.0 per cent in the first five months of 2023 from the same period a year earlier, versus expectations for a 4.4 per cent rise. It grew 4.7 per cent in January-April.
Analysts have cautioned that China's data readings last month may be highly distorted by comparisons with a very weak performance last year, when many cities were under stringent COVID lockdowns. But a first-quarter economic rebound has clearly lost a significant amount of momentum, prompting the central bank this week to cut some key interest rates.
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