©Reuters. Men stand on a balcony overlooking the central business district in Beijing, China, December 15, 2020. REUTERS/Thomas Peter
BEIJING (Reuters) – China’s industrial production grew a modest 1.3% year-on-year last month, official data showed on Tuesday, declining from a 2.2% rise in November as manufacturing activity was impacted by the rampant spread of COVID -Infections that kept the workers indoors.
The growth rate was stronger than a 0.2% expansion that analysts had forecast in a Reuters poll.
Retail sales shrank 1.8% for the third straight month, even as China abandoned its strict zero-COVID policy and lifted movement controls and testing measures last month. Use leveled off as infections rose and people took time to recover.
Analysts had expected an 8.6% decline after a 5.9% drop in November.
Fixed asset investment grew 5.1% in 2022, beating the forecast 5.0% increase and 5.3% decline in January-November.
The world’s second-largest economy has been sluggish for most of the past year, owing to China’s tough antivirus measures, an ongoing slump in the real estate sector and weak global growth.
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