Business

China industrial output rises 8.3% in June, retail sales up 12.1%

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A worker welds a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. China Daily via REUTERS

BEIJING, July 15 (Reuters) - China's industrial output grew 8.3% in June from a year earlier, slowing from a 8.8% rise in May, official data showed on Thursday.

But the figure was higher than a 7.8% rise forecast in a Reuters poll of analysts.

Retail sales rose 12.1% from a year earlier in June. Analysts had expected an 11.0% increase after May's 12.4% rise.

Fixed asset investment grew 12.6% in the first six months of the year from the same period a year earlier, versus a forecast 12.1% rise and down from a 15.4% jump in January-May.

China's economy has largely rebounded from the coronavirus hit last year thanks to pent-up demand and robust foreign orders for its exports, but recent data has suggested the recovery is losing some steam with increased raw material costs and supply shortages hurting factory activity.

Reporting by Kevin Yao and Roxanne Liu; Editing by Ana Nicolaci da Costa

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