China's Industrial Output, Retail Sales Surpass Forecasts in March
(MENAFN) China recorded a notable boost in its industrial output during March, achieving a 7.7 percent year-over-year rise, the most significant growth since June 2021, according to data released by the National Bureau of Statistics of China on Wednesday.
This impressive figure surpassed market predictions, which had anticipated a 5.9 percent annual increase for the same period.
Growth was observed across all principal industries.
The manufacturing sector experienced an increase of 7.9 percent, while the production and distribution of electricity, heat, gas, and water grew by 3.5 percent. The mining sector also posted robust gains, climbing by 9.3 percent.
In addition to industrial performance, China’s retail consumption improved, rising by 5.9 percent compared to the same month last year.
This positive momentum was mirrored in the service sector, with the bureau noting that "In the first quarter, the retail sales of services went up by 5.0 percent year on year." Economists had expected a smaller gain of 4.2 percent for March.
Labor market conditions also showed signs of recovery.
The national jobless rate declined to 5.2 percent in March, down from 5.4 percent in February.
This figure was also better than the market’s projected unemployment rate of 5.3 percent for the month.
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