National Bureau of Statistics of China

China's May Economic Data: 5.6% Industrial Output, 3.7% Retail Sales Beat Expectations

Jun 17, 2024, 02:16 AM

China's major economic indicators for May 2024 revealed mixed results, according to data from the National Bureau of Statistics. Industrial output increased by 5.6% year-on-year, falling short of the 6.0% forecast and down from the previous 6.7% growth. Retail sales, however, outperformed expectations, rising by 3.7% year-on-year compared to the anticipated 3.0% and previous 2.3%, though below the expected 4.5% growth. Fixed-asset investment for the January-May period grew by 4.0% year-on-year, slightly below the estimated 4.2%. The urban unemployment rate remained steady at 5.0%. These figures suggest that while retail spending shows signs of recovery, industrial expansion has slowed, indicating potential imbalances in China's economic recovery.