China's industrial output rose 5.3% y-o-y in August, retail sales up 2.5%

[BEIJING] China's industrial output grew 5.3 per cent in August from the same period a year ago, narrowing from a 6.4 per cent increase in July, while retail sales growth slowed significantly, official data showed on Wednesday.

The growth of industrial production missed expectations for a 5.8 per cent year-on-year increase in a Reuters poll of analysts.

Retail sales rose 2.5 per cent from a year earlier, the slowest pace since August 2020. Analysts in the poll had expected them to grow 7.0 per cent in August after rising 8.5 per cent in July.

Fixed asset investment increased 8.9 per cent in the first eight months from a year earlier, just missing expectations for a 9.0 per cent rise and compared with a 10.3 per cent jump in January-July.

The Chinese economy made a remarkably strong revival from a coronavirus-led slump, but momentum has slowed over the past few months as businesses grapple with sporadic Covid-19 outbreaks, supply bottlenecks and high raw materials costs.

REUTERS