China retail sales, industrial production growth slows in July
By Michele Maatouk
Date: Monday 16 Aug 2021
(Sharecast News) - Growth in China's industrial production and retail sales slowed sharply in July amid flooding and a rise in Covid cases, according to data released on Monday by the National Bureau of Statistics.
Industrial production rose 6.4% on the year following an 8.3% increase in June, coming in below consensus expectations of 7.% growth.
Retail sales grew 8.5%, down from 12.1% growth in June and undershooting expectations for a 10.9% jump.
Meanwhile, fixed asset investment was up 10.3% on the year in July, down from 12.6% the month before and missing consensus expectations of 11.3%.
The NBS highlighted "the impact of multiple factors including the growing external uncertainties and the domestic Covid-19 epidemic and flooding situation". It also said the country's economic recovery is "still unstable and uneven".
ING economist Irish Pang said: "We see slower growth in economic activity in July mainly the result of flooding.
"But slower growth is here to stay. More floods, tighter social distancing measures affecting port operations and people flows are all going to weigh on growth in August."
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN