China's April economic data underwhelms, with retail sales growth slowing to lowest since 2022
China's economic performance in April fell short of expectations, with key indicators showing a slowdown. Retail sales growth was the lowest since December 2022, while industrial output and investment also missed forecasts. The urban unemployment rate saw a slight decrease, but overall economic momentum appears to be weakening.
- ▪Retail sales grew only 0.2% in April, missing the forecast of 2%.
- ▪Industrial output increased by 4.1%, down from 5.7% in March and below the expected 5.9%.
- ▪Urban fixed asset investment contracted by 1.6% in the first four months of the year, contrary to expectations for growth.
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China's economy stumbled in April with consumption, industrial output and investment growth missing expectations as the fallout from the Iran war dampened momentum in the world's second-largest economy. Retail sales, a gauge of consumption, grew 0.2% last month from a year ago, sharply missing economists' forecast for a 2% rise and slowing from 1.7% in March, according to data released by the National Bureau of Statistics on Monday. That marked the weakest level since December 2022. China's industrial output jumped 4.1% in April from a year earlier, decelerating from 5.7% growth in March, and undershooting expectations for a 5.9% rise in a Reuters poll.
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