Economic activity in China improves in August
Sep 15, 2023, 9:00 AM
HONG KONG (CNN) — Economic activity in China appeared to improve in August, with data released on Friday suggesting a downturn in growth may be stabilizing.
Industrial production — which measures output from sectors such as manufacturing and mining — rose 4.5% in August from a year earlier, gaining from the 3.7% increase seen in July, according to the National Bureau of Statistics. The outcome beat the expectations of a group of economists polled by Reuters.
Retail sales, which measures consumption, expanded by 4.6% from a year earlier, compared to the tepid 2.5% increase reported in July.
Investment in fixed assets such as property or real estate grew by 3.2% in the first eight months of this year from the same period a year ago, compared to the 3.4% in the first seven months of 2023 reported in August.
The economy is currently grappling with weak export demand from global markets and an ongoing property crisis.