China’s industrial outcome grew 3.5 per cent in May, compared to the previous year, official data showed on Thursday, reported news agency Reuters.
According to the report, May’s growth was labeled the slowest growth since February. Analysts surveyed by Reuters had predicted output growth to cool to 3.6 per cent from 5.6 per cent in April.
The report noted that retail sales hopped 12.7 per cent in May from a year earlier, according to the National Bureau of Statistics, slowing from the 18.4 per cent gain in April. However, analysts had anticipated a 13.6 per cent growth.
Fixed asset investment grew 4 per cent in the first five months of 2023 from the same period a year before, versus expectations for a 4.4 per cent climb. It rose 4.7 per cent in January-April.
Analysts have given notice that China’s data readings last month may be highly misinterpreted by comparisons with a very weak performance last year when many cities were under stringent Covid lockdowns.
But a first-quarter financial rebound has lost a substantial portion of momentum, stimulating the central bank this week to slash some key interest rates, the report added.