China’s economic data for November 2023 presented a mixed picture, with industrial output exceeding expectations while retail sales and fixed asset investment fell short.
Industrial output saw a significant increase of 6.6% yoy, surpassing the expected 5.6% yoy and marking the strongest expansion since February 2022.
However, retail sales, rose by 10.1% yoy, which was below the anticipated 12.5%. It’s important to note that this increase was influenced by a low base effect from the previous year, when China’s stringent coronavirus pandemic control measures significantly impacted consumer activities.
Fixed asset investment, a key driver of economic growth, increased by 2.9% ytd yoy, slightly missing the expected 3.0%.
National Bureau of Statistics of China commented on the overall economic situation, stating: “There are still a lot of external instabilities and uncertainties, and the domestic demand appears insufficient.” The NBS emphasized the need to solidify the foundation of the economy’s recovery.
