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Industrial production in China increased by 0.7% in May


June, 15 2022
watermark Economic news

According to the data of the National Bureau of Statistics, the volume of industrial production in China in May increased by 0.7% compared to the same month in 2021 against the background of the weakening of quarantine coronavirus measures in the country. Analysts on average expected a decline of 0.7% last month. In April, industrial production in China fell by 2.9%.


In particular, manufacturing output rose 0.1% after falling 4.6% in April. The output of chemical products and raw materials increased by 5%, food products – by 1.6%, communication equipment – by 7.3%. The growth of mining production in May slowed to 7% from 9.5% in April, electricity generation – from 1.5% to 0.2%.


In the first five months of this year, Chinese industrial production increased by 3.3% compared to the same period in 2021.


The National Bureau of Statistics of China also presented statistics on retail sales in May. The decline in sales slowed to 6.7% year-on-year after falling 11.1% in April. Analysts had expected a decrease of 7.1%. It is noted that sales have been declining for the third month in a row amid restrictions to combat a new outbreak of coronavirus. In the period from January to May, retail sales decreased by 1.5%.


Unemployment in China fell to 5.9% in May, compared with 6.1% in April. The target unemployment rate in the country today is 5.5%.


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