China’s industrial output increased 5.3% in June from the previous year, easing from 5.6% in May, as lackluster domestic demand weighed on the country’s patchwork economic recovery.
The official figures released on Monday by the National Bureau of Statistics (NBS) exceeded estimates for a 5.0% increase in a recent poll of economists.

Retail sales, a measure of consumption, increased 2.0% in June, a substantial slowdown from the 3.7% growth in May. Analysts projected retail sales to increase by 3.3%. Fixed asset investment increased 3.9% in the first six months of 2024 compared to the same time a year earlier, as expected. It increased by 4.0% from January to May.

China’s industrial production rose 5.3% year on year in June 2024, exceeding market expectations of 5.0% but slowing after a 5.6% increase the previous month. The latest data showed the second consecutive month of reduction in industrial output, with growth reaching its lowest level since March, owing mostly to a slowdown in manufacturing activity (5.5% vs. 6.0% in May) as the economic recovery remained feeble.

35 out of 41 major industries experienced growth, including coal, mining and washing (4.4%), oil and natural gas (4.4%), chemical products (9.9%), textiles (5.1%), metal smelting and rolling processing (3.3%), non-ferrous metal smelting and rolling processing (10.2%), other transportation equipment (13.1%), automobile (6.6%), computer, communication, and other electronic equipment (4.4%), and utilities (4.1%). Monthly industrial activity increased 0.4%, following a 0.3% increase in May. Year-to-date, industrial output increased 6.0%.