China’s factory output, retail sales miss forecasts
China’s factory output and retail sales fell short of expectations after sharply slowing in July. This was owed to the latest surge of COVID-19 outbreaks and floods that grappled business operations and disrupted the economy’s recovery.
The country’s industrial production jumped 6.4% year-on-year in July based on the data from the National Bureau of Statistics (NBS) on Monday. The figure was sharply down from an 8.3% growth in June. It also failed to meet analysts’ expectation of a 7.8% increase last month.
Retail sales expanded 8.5% in July but missed a forecast of 11.5% and a 12.1% increase seen in June.
China’s recovery from the pandemic continued to be hounded with problems in higher costs and supply bottlenecks in business operations. This was caused by the lingering COVID-19 infections and the severe weather felt this summer.
Meanwhile, Asian share markets fell on Monday following a sharp slowdown in the economic indicators of the world’s largest economy.