Sharjah24 – Reuters: China's industrial output and retail sales grew more quickly than expected in October, despite fresh curbs to control COVID-19 outbreaks and supply shortages, but the slowing property sector weighed on the economic outlook.
Output grew 3.5% in October from the same period a year ago, official data showed on Monday, accelerating from a 3.1% increase in September. Retail sales growth also picked up.
The industrial output growth beat expectations of a 3.0% year-on-year increase in a Reuters poll of analysts, but remained the second lowest print this year.
The world's second-largest economy had staged an impressive rebound from last year's pandemic slump, but has since lost momentum as it grapples with a slowing manufacturing sector, debt problems in the property market and COVID-19 outbreaks.
"Economic momentum remained weak in October, with the real estate downturn weighing on industry," said Louis Kuijs, head of Asia economics at Oxford Economics, in a note.
The National Bureau of Statistics (NBS) data also showed retail sales accelerated even as China imposed fresh restrictions to fight a new wave of COVID-19 cases in the north.
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