In May, China’s retail sales surpassed expectations, rising by 3.7% compared to the previous year. This beat the 3% increase that economists had predicted in a Reuters poll. However, other economic indicators such as industrial output and fixed asset investment fell short of expectations. Industrial output grew by 5.6%, missing the expected 6% increase, while fixed asset investment rose by 4%, just below the 4.2% forecast.
According to the National Bureau of Statistics, total retail sales of consumer goods reached 3.92 trillion yuan ($540.32 billion) in May. Urban areas saw a 3.7% increase in sales, while rural areas saw a 4.1% increase. Fixed asset investment was dragged down by a decline in real estate investment, but excluding real estate, total fixed asset investment was up by 8.6% compared to the previous year.
The urban unemployment rate remained steady at 5% in May, unchanged from the previous month. China’s exports continued to grow, increasing by 7.6% year-on-year in May. However, imports only rose by 1
