Business

May 20, 2024

China’s April industrial output rises 6.7%

China ecoonomy

President Xi Jinping of China

China’s industrial output grew 6.7 per cent year-on–year in April, accelerating from the 4.5 per cent pace seen in March, as the recovery in the manufacturing sector gathered pace.

The official data released on Friday by the National Bureau of Statistics (NBS) came above a 5.5 per cent increase in a Reuters’ poll of analysts.

However, retail sales, a gauge of consumption, rose 2.3 per cent in April, slowing from a 3.1 per cent increase in March. Analysts had expected retail sales to grow 3.8 per cent.

Fixed asset investment expanded 4.2 per cent in the first four months of 2024 from the same period a year earlier, versus expectations for a 4.6 per cent rise. It grew 4.5 per cent in first three months.

Economic data released earlier this month painted a mixed picture for April.

China’s exports and imports returned to growth in April after contracting in the previous month while consumer prices rose for the third straight month.