China’s industrial output grew by 6.7% year-on-year in April, showing a significant rise from the 4.5% growth in March. This surpassed analysts’ expectations of a 5.5% increase according to data from the National Bureau of Statistics.
However, retail sales, a key measure of consumer spending, rose by only 2.3% in April, down from 3.1% in March and below the anticipated 3.8% growth. Fixed asset investment also showed a slower pace of growth, expanding 4.2% in the first four months of 2024 compared to a 4.6% expected rise and a 4.5% increase in the first three months.
Earlier economic data for April painted a mixed picture. While China’s exports and imports returned to growth after a previous decline, consumer prices continued to rise for the third consecutive month.
Source: Vanguard