© Reuters. FILE PHOTO: A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory, as the country is hit by the novel coronavirus outbreak, in Hangzhou, Zhejiang province, China March 2, 2020. China Daily via REUTERS
BEIJING (Reuters) – China’s industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, missing expectations by a large margin but accelerating from a 3.9% gain seen in March.
The data, released by the National Bureau of Statistics, lagged a 10.9% increase seen in a Reuters poll of analysts but it was the quickest growth since September 2022, largely due to the recoil effect from the contraction suffered last April when the commercial hub Shanghai was under stringent COVID lockdown.
Retail sales jumped 18.4%, missing forecasts for a 21.0% increase. It was significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021.
Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier, versus expectations for a 5.5% rise. It grew 5.1% in the January-March period.
This story originally appeared on Investing
