Tuesday, 02 January 2024 12:17 GMT

China Industrial Output Falls Below Forecasts in August


(MENAFN) China’s industrial output expanded by 5.2% year-over-year in August, falling short of market expectations of 5.7%, according to official data released on Monday. This marks a slowdown from July’s growth rate of 5.7%.

The figures revealed sector-specific performance: mining value added rose 5.1%, manufacturing increased by 5.7%, while production and supply of electricity, heat power, gas, and water grew by 2.4% compared to the same period last year.

For the first eight months of the year, the total value added by industrial enterprises above the designated size rose 6.2% year-on-year.

August’s Manufacturing Purchasing Managers’ Index (PMI) registered at 49.4%, up slightly by 0.1 percentage points from July.

Despite this, profits for industrial enterprises above the designated size totaled 4 trillion yuan ($561.5 billion) during January to August, marking a 1.7% decline compared to the same period last year.

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