Shanghai (China), 15 August (EFE).- Industrial production in China rose by 3.8% yoy in July, down from the previous month and also well below analysts’ expectations.
Official figures released today by the National Statistics Office (ONE) represent a fall of 0.1 points from June (+3.9% yoy) and are a far cry from the most widely held forecast among experts, which shows a rise of 4.6 % forecast. .
On a month-to-month basis, the Asian giant’s industrial production rose 0.38%.
After dividing the indicator into major industry segments, the generation and supply of electricity, heat, gas and water recorded the largest increase (+9.5%), followed by mining (+8.1%).
Manufacturing grew much slower at 2.7% in July.
The ONE also released other indicators for the seventh month of the year today, such as: year-on-year down from June’s 3.1% and 5% forecast by analysts.
Meanwhile, the official unemployment rate in urban areas fell 0.1 point to end at 5.4%, which is already below the limit the national government set for this year (5.5%).
Regarding investment in fixed assets, the statistical office did not release today the inter-month evolution of the data for July, but it did release the inter-month (+0.16%) and the cumulative so far this year, slowing down from 6.1% from the first half of 2022 to 5.7% at the end of the seventh month.
Despite the overall slowing trend in economic recovery, ONE’s statement focuses on highlighting the “sluggishness of recovery” of the national economy, thanks to “the measures taken to effectively coordinate the prevention of Covid and socio-economic development”.
The institution warns of “risks of stagflation” in the global economy and, in a national tone, affirms that the fundamentals of the recovery are “not yet solid”, calling for a focus on expanding domestic demand and stabilizing employment and prices.