BEIJING — China’s industrial output expanded 3.8% in July from a year earlier, slowing from a 3.9% rise in June, official data showed on Monday, as a nascent recovery in the world’s second-largest economy faltered.
The growth was much weaker than a 4.6% increase that analysts had forecast in a Reuters poll.
Retail sales rose 2.7%, after rebounding 3.1% in the previous month. That also missed analysts’ forecast for 5.0% growth.
Fixed asset investment grew 5.7% in the first seven months of the year from the same period a year earlier, versus a forecast 6.2% rise and down from a 6.1% jump in January-June.
China’s economy narrowly escaped a contraction in the June quarter, hobbled by the lockdown of the commercial hub of Shanghai, a distressed property market and persistently soft consumer spending.
Risks to growth remain as many Chinese cities, including manufacturing hubs and popular tourist spots, impose lockdowns after fresh outbreaks of the more transmissible Omicron variant emerged.
(Reporting by Kevin Yao and Stella Qiu ; Editing by Sam Holmes)
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300