China June industrial output rises 3.9%, retail sales up 3.1%
10:17 pm Thursday, July 14th, 2022
BEIJING (Reuters) – China’s industrial output grew 3.9% in June from a year earlier, quickening from a 0.7% rise in May, official data showed on Friday, as activity began to recover from months of crippling COVID lockdowns.
The expansion was weaker than a 4.1% increase that analysts had forecast in a Reuters poll.
Retail sales rose 3.1% following the easing of COVID-19 restrictions last month. Analysts had expected a 0% increase after May’s 6.7% drop.
Fixed asset investment grew 6.1% in the first six months of the year from the same period a year earlier, versus a forecast 6.0% rise and down from a 6.2% jump in January-May.
While June data offered some signs of improvement for the world’s second-largest economy, analysts do not expect a rapid recovery as the government is sticking to its tough zero-COVID policy. The country’s property market is in a deep slump and global growth is faltering.
(Reporting by Kevin Yao and Ellen Zhang; Editing by Tom Hogue)
