China's Industrial Output Growth Tops Expectations
14 Septiembre 2020 - 08:56PM
RTTF2
China's industrial production grew more than expected in August
as fiscal stimulus and exports boosted economic activity and retail
sales recovered on domestic demand, official data revealed
Tuesday.
Industrial production growth improved to 5.6 percent from 4.8
percent in July, the National Bureau of Statistics said. The rate
was forecast to rise moderately to 5.1 percent.
At the same time, retail sales advanced 0.5 percent on year, in
contrast to a 1.1 percent drop in July. Economists had forecast a
marginal growth of 0.1 percent for August.
Fixed asset investment declined 0.3 percent during January to
August period, which was smaller than the 1.6 percent decrease seen
in seven months to July and the 0.4 percent fall economists' had
forecast.
The urban unemployment rate came in at 5.6 percent in August
versus 5.7 percent a month ago.
The tightening labor market and revival in consumer confidence
suggests that the recovery in services activity has further to run,
Julian Evans-Pritchard, an economist at Capital Economics,
said.
What's more, growth in industry and construction is likely to
remain strong since fiscal spending is set to be ramped up further
during the rest of the year and the recent surge in industrial
profit growth has also boosted the prospects for manufacturing
investment, the economist noted.
Taken together, the economy is on track to return to its
pre-virus growth rate before the end of the year, he said.
In a report released Tuesday, the Asian Development Bank said
the developing Asia is set to enter its first recession in nearly
six decades as the Covid-19 pandemic continues to disrupt global
economic activity.
The region is forecast to shrink 0.7 percent this year. GDP is
projected to rebound 6.8 percent next year.
The lender said the downturn is broad-based but China is an
important exception. China's economy is forecast to grow 1.8
percent in 2020 before surging 7.7 percent next year.
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