China’s retail sales, industrial production show mixed results in November
Date
12/17/2024 1:21:31 AM
(MENAFN)
China’s retail sales increase by 3 percent year-on-year in November, falling short of the market expectation of a 4.6 percent rise, according to data released by the National Bureau of Statistics of China on Monday.
This represents the slowest growth in three months, down from October’s 4.8 percent rise. The deceleration stems from weaker demand for sports and entertainment products, daily essentials, household appliances, and audio-visual equipment.
In contrast, China’s industrial production slightly exceeds forecasts, growing 5.4 percent year-on-year in November, up from a 5.3 percent increase in October. Economists had anticipated a 5.3 percent rise for the month.
Manufacturing drives the growth with a 6 percent year-on-year increase in November, improving from 5.4 percent in the previous month. However, production and supply activities for electricity, heat, gas, and water, as well as mining, expand at a slower pace of 1.6 percent and 4.2 percent, respectively.
Meanwhile, China’s new home prices in 70 cities decline by 5.7 percent year-on-year in November, marking the 17th consecutive month of contraction. Regionally, prices drop by 5.3 percent in Beijing, 9.1 percent in Guangzhou, and 7.1 percent in Shenzhen, while Shanghai bucks the trend with a 5.0 percent increase.
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