China Aug industrial output grows at slowest pace in 17-1/2 years

[BEIJING] China's industrial production growth skidded to its weakest pace in 17 years and a half in August, expanding just 4.4 per cent year-on-year, signalling further weakness in an economy hit by the trade war and slowing demand.

Analysts polled by Reuters had forecast industrial output would rise 5.2 per cent from a year earlier, a slight rebound from the 17-year low of 4.8 per cent in July.

August's figure is the slowest since February 2002.

Fixed-asset investment for the first eight months of the year rose 5.5 per cent, according to data published by the National Bureau of Statistics, compared with a 5.6 per cent rise forecast by analysts.

Private sector fixed-asset investment, which accounts for about 60 per cent of the country's total investment, grew 4.9 per cent in January-August, compared with a 5.4 per cent rise in the first seven months of 2019.

Retail sales growth slowed to 7.5 per cent, compared with 7.6 per cent in July. Analysts surveyed by Reuters had expected growth of 7.9 per cent.

REUTERS