China’s industrial production, retail sales rebound in August

China’s industrial production and retail sales rebounded in August after falling slightly in July, official data showed on Friday.

Industrial production grew 4.2% last month compared to a year ago, compared to 3.8% in July, according to data from the National Statistics Office (ONE).

The figure, which measures the activity of designated large companies with an annual turnover of at least 20 million yuan (about $2.85 million), beat an expectation in a Reuters poll of analysts of 3. 8 percent.

Production in the manufacturing sector rose by 3.1% year-on-year, while that of the mining sector increased by 5.3%. The electricity, heat, gas and water production and supply sector grew by 13.6%, according to NBS data.

Broken down by ownership, private sector output rose 1.1% year-on-year last month, while state-owned companies’ output rose 5.6%.

In the first eight months, industrial production increased by 3.6% year-on-year.

China’s retail sales grew 5.4% in August, above market expectations for a 3.5% rise.

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In a breakdown by region, retail sales in urban areas were up 5.5% from a year earlier, while the figure grew 5% in rural areas.

The production of the manufacturing sector rose by 3.1% year-on-year, while that of the mining sector increased by 5.3%

Sales of goods rose by 5.1% and those of restaurants by 8.4%.

In the first eight months, retail sales stood at around 28.26 trillion yuan, up 0.5% from the same period a year earlier, while restaurant sales fell 5% year-on-year. due to the effects of the pandemic.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to original article:https://news.cgtn.com/news/2022-09-16/China-s-industrial-output-retail-sales-keep-up-in-August-1dmVt3Zfxbq/index.html