China’s Factory Output Growth hits its lowest in last Six year.
Neeraj Bhanot
(Editor DERIK TIMES)
China's factory output grew at the lowest pace in nearly six years in August while growth in retail sales and investment also decreased.
Industrial output rose 6.9 per cent in August from a year earlier - the lowest since December 2008 when the economy was suffering due to the global financial crisis, compared with expectations for an 8.8 per cent expansion and slowing from 9.0 per cent in July.
Retail sales climbed 11.9 per cent, lagging forecasts of 12.1 per cent and slowing from 12.2 per cent in July, the National Bureau of Statistics said.
China's economy got a weak start this year as first-quarter growth declined to an 18-month low of 7.4 per cent.
Property investment data showed further declines in sales and new construction along with a drop in mortgages, while growth in housing-related goods such as home appliances, furniture and building materials such as steel and cement all slowed.
Data showed on Friday that credit levels in China appeared to improve in August after an alarming drop in July, but remained below average.
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