China’s Industrial Output Accelerates as Retail Sales Gain Momentum
(MENAFN) China’s industrial production and retail sales recorded stronger-than-expected growth in September, according to official data released Monday, with manufacturing activity and consumer spending showing signs of improvement.
Industrial output rose 5.5% year-on-year, surpassing market forecasts of 5.4% and accelerating from the 5.2% increase recorded in August, data from the National Bureau of Statistics showed.
On a monthly basis, industrial production advanced 0.61%. For the first nine months of the year, output increased by 5.3% compared with the same period last year.
Manufacturing remained a key contributor to industrial growth, expanding 6% annually in September. Mining production rose 1.3%, while activity involving the production and supply of electricity, heating, gas and water increased 5.6%.
High-technology and specialized manufacturing also recorded notable gains. Production of computers, communication equipment and other electronic products climbed 16.4%, while output of special-purpose machinery grew 12.1%.
Automobile manufacturing production increased 6.7% year-on-year. New energy vehicle output rose 16.9% to 1.87 million units, contrasting with a 5.7% decline in overall vehicle production, which totaled 3.06 million units.
Retail activity also performed better than anticipated. Sales increased 1.1% year-on-year in September, exceeding the projected 0.5% rise and improving on August’s 0.4% growth.
Total retail sales reached 4.24 trillion yuan, representing a 0.35% increase from the previous month. Excluding automobiles, sales rose 3.9% annually to 3.88 trillion yuan, equivalent to approximately $580 billion.
For the January-September period, China’s retail sales totaled 37 trillion yuan, up 1.1% from the corresponding period a year earlier. Sales of goods increased 1%, while revenue from catering services grew 2.4%.
The latest figures point to stronger industrial activity and a pickup in retail growth during September, although performance varied across sectors, with new energy vehicles expanding while total automobile production declined.
Industrial output rose 5.5% year-on-year, surpassing market forecasts of 5.4% and accelerating from the 5.2% increase recorded in August, data from the National Bureau of Statistics showed.
On a monthly basis, industrial production advanced 0.61%. For the first nine months of the year, output increased by 5.3% compared with the same period last year.
Manufacturing remained a key contributor to industrial growth, expanding 6% annually in September. Mining production rose 1.3%, while activity involving the production and supply of electricity, heating, gas and water increased 5.6%.
High-technology and specialized manufacturing also recorded notable gains. Production of computers, communication equipment and other electronic products climbed 16.4%, while output of special-purpose machinery grew 12.1%.
Automobile manufacturing production increased 6.7% year-on-year. New energy vehicle output rose 16.9% to 1.87 million units, contrasting with a 5.7% decline in overall vehicle production, which totaled 3.06 million units.
Retail activity also performed better than anticipated. Sales increased 1.1% year-on-year in September, exceeding the projected 0.5% rise and improving on August’s 0.4% growth.
Total retail sales reached 4.24 trillion yuan, representing a 0.35% increase from the previous month. Excluding automobiles, sales rose 3.9% annually to 3.88 trillion yuan, equivalent to approximately $580 billion.
For the January-September period, China’s retail sales totaled 37 trillion yuan, up 1.1% from the corresponding period a year earlier. Sales of goods increased 1%, while revenue from catering services grew 2.4%.
The latest figures point to stronger industrial activity and a pickup in retail growth during September, although performance varied across sectors, with new energy vehicles expanding while total automobile production declined.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment