August was marked by extremely hot temperatures in parts of China, resulting in temporary power allocations in some areas. Pictured here on August 24, 2022, is the skyline of the central city of Chongqing with lights partially turned off to save energy during the heat wave.
Vcg | Visual China Corporation | beautiful pictures
BEIJING – China reported data on Friday showing growth in August from the previous month. The data also exceeded expectations across the entire table.
Retail sales rose 5.4% in August from a year ago, topping Reuters forecasts for 3.5% growth. Food service sales rose 8.4% in August from a year ago, while auto and food sales also increased significantly. That helped retail sales for the year to August grow 0.5% from a year ago. Cosmetics and home furniture were among the few items that saw sales decline in August from a year ago.
Industrial production rose 4.2% in August from a year earlier, beating the 3.8% increase estimated in a Reuters poll of analysts.
Fixed-asset investment in the first eight months of the year rose 5.8 percent, well above a Reuters forecast of 5.5 percent. Investment in the manufacturing sector increased the most, up 10% over the same period last year. Infrastructure investment grew at a slower rate than in July, year-to-date.
Investment in real estate for the year fell further since August, down 7.4% year-on-year compared with the 5.2% decline reported in the year to July.
The youth unemployment rate between 16 and 24 years old fell to 18.7% in August. It is still much higher than the overall unemployment rate in cities, which was 5.3% in August, down slightly from the previous month.
“Overall, the national economy has withstood the impact of many unexpected factors and maintained its recovery and growth momentum with key indicators showing positive changes,” the National Bureau of Statistics said. know in a press release. “However, we need to be aware that the international environment is still complicated and harsh and the foundation for domestic economic recovery is not yet solid.”
