- Industrial output +6.4% y/y vs June’s +8.3%, Reuters poll +7.8%
- Retail sales +8.5% y/y vs June’s +12.1%, Reuters poll +11.5%
- Fixed asset investment +10.3% in Jan-July, Reuters poll +11.3%
- Analysts expect growth to continue to slow
BEIJING, Aug 16 (Reuters) – China’s factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations, adding to signs the economic recovery is losing momentum.
Industrial production in the world’s second largest economy increased 6.4% year-on-year in July, data from the National Bureau of Statistics (NBS) showed on Monday. Analysts had expected output to rise 7.8% after growing 8.3% in June.
Retail sales increased 8.5% in July from a year ago, far lower than the forecast 11.5% rise and June’s 12.1% uptick.
China’s economy has rebounded to its pre-pandemic growth levels, but the expansion is losing steam as businesses grapple…