On Friday, China reported its industrial output to be growing at the fastest pace since February 2022 in November, despite of the retail sale growth missed this achievement, hinting to a patchy recovery in the world’s second-largest economy.
Economists are approaching the China data with some caution, given a low base effect. The country was in the final months of its stringent zero-Covid curbs in the last quarter of 2022, which had adversely affected the economy.
Miao Ouyang, the economist at Bank of America stated, “The data is a mixed bag.” He added that if one studies the whole data at once, they will come to conclusion that the domestic demand still requires a lot of amendment, also the government “needs to do more to stabilize the economy.”
China registered growth of 6.6% for its industrial output in November, compared to last year, according to the country’s National Bureau of Statistics Friday. It was expected for 5.6% in a Reuters polls and follows a 4.6% rise in October.
Meanwhile, its retail sales climbed 10.1% in November from a year ago, which is the fastest pace since May. It had grown 7.6% in October.
