China's Sept industrial output rises 3.1% y/y, misses forecasts

FILE PHOTO: A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory, as the country is hit by the novel coronavirus outbreak, in Hangzhou, Zhejiang province, China March 2, 2020. China Daily via REUTERS/File Photo

BEIJING (Reuters) - China’s industrial output rose 3.1% in September from a year earlier, missing expectations, and slowing from 5.3% in August, official data showed on Monday.

Analysts polled by Reuters had expected output to rise 4.5%.

Retail sales grew 4.4% in September on-year, compared with a forecast 3.3% increase and a 2.5% rise in August.

Fixed asset investment increased 7.3% in the first nine months from the same period a year earlier, missing expectations for a 7.9% rise and slowing from an 8.9% jump in January-August.

China’s economy has staged an impressive rebound from the COVID-19 pandemic but has recently shown signs of losing momentum, weighed down by power shortages, supply bottlenecks, sporadic COVID-19 outbreaks and regulatory crackdowns on sectors from tech to property.

Reporting by Kevin Yao and Liangping Gao; Editing by Kim Coghill