China October industrial output, retail sales beat expectations

China October industrial output, retail sales beat expectations

China's industrial output grew at a surprisingly faster pace in October, despite fresh curbs to control COVID-19 outbreaks and supply shortages that have threatened to undercut the recovery in the world's second-largest economy.

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China's industrial output grew 3.5 per cent in October from the same period a year ago, official data showed on Monday (Nov 15), accelerating from a 3.1 per cent increase in September. Retail sales growth also picked up.

The industrial output growth beat expectations of a 3 per cent year-on-year increase in a Reuters poll of analysts.

Retail sales in October rose 4.9 per cent on the year compared with the same period last year. Analysts in the poll had expected them to grow 3.5 per cent in October after rising 4.4 per cent in September.

Fixed asset investment slowed however, rising 6.1 per cent in the first 10 months from the same period a year earlier, compared with the 6.2 per cent increase tipped by a Reuters poll and the 7.3 per cent rise in January to September.

China's sprawling manufacturing sector has slowed this year, with output in September growing at its most feeble pace since March 2020 due to environmental curbs, power rationing and higher raw material prices.

Sentiment in China's property market has been shaken by a deepening debt crisis, with property giant China Evergrande and Kaisa Group grappling with looming defaults.

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