Thursday, 25 July 2024

Retail sales in China exceed expectations in May

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China’s retail sales beat expectations in May, rising 3.7% year-on-year from 2.3% in April, beating expectations for a 3% rise in a Reuters poll of economists.

But other economic data, such as industrial production and investment in fixed assets, came in below Reuters expectations.

Industrial production grew by 5.6% on an annual basis, compared to an expected increase of 6%, while investment in fixed assets increased by 4% compared to last May, which is slightly less than expectations of 4.2%, according to Reuters.

The country’s National Bureau of Statistics stated that total retail sales of consumer goods reached 3.92 trillion yuan, or about 540.32 billion dollars, with sales in urban areas increasing by 3.7% year-on-year, and sales in rural areas rising by 4.1%.

On the other hand, the decline in investment in fixed assets was driven by a sharp decline in real estate investment, and the National Bureau of Statistics said that excluding real estate, total investment in fixed assets rose by 8.6% compared to last May.

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