China July industrial output rose 4.8%, slowest since Feb 2002, retail sales up 7.6%

[BEIJING] Growth of China's industrial output slowed much more than expected to 4.8 per cent in July from a year earlier, official data showed on Wednesday, in the latest sign of faltering demand in the world's second-largest economy as the United States ramps up trade pressure.

The July pace was the slowest since Feburary 2002.

Analysts polled by Reuters had forecast industrial output would rise 5.8 per cent from a year earlier, slowing from 6.3 per cent in June.

Fixed-asset investment for the first seven months of the year rose 5.7 per cent, according to data published by the National Bureau of Statistics, compared with a 5.8 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 5.4 per cent in January-July, compared with a 5.7 per cent rise in the first sixth months of 2019.

Retail sales growth was also weaker than expected, increasing 7.6 per cent in July from a year earlier, compared with 9.8 per cent in June. Analysts surveyed by Reuters had expected growth of 8.6 per cent.

REUTERS