CHINA’s industrial output contracted at the sharpest pace in 30 years in the first two months of the year as the fast spreading coronavirus and strict containment measures severely disrupted the world’s second-largest economy, data showed today.
Urban investment and retail sales also fell sharply and for the first time on record, reinforcing views that the epidemic may have cut China’s economic growth in half in the first quarter.
Industrial output fell by a much more than expected 13.5% in January-February from the same period a year earlier, the weakest reading since January 1990 when Reuters record started, and a sharp reversal from 6.9% growth in December, data from the National Bureau of Statistics (NBS) showed.
The median forecast of analysts polled by Reuters was for a rise of 1.5%, though estimates varied widely.
Urban investment and retail sales also fell sharply and for the first time on record, reinforcing views that the epidemic may have cut China’s economic growth in half in the first quarter.
Industrial output fell by a much more than expected 13.5% in January-February from the same period a year earlier, the weakest reading since January 1990 when Reuters record started, and a sharp reversal from 6.9% growth in December, data from the National Bureau of Statistics (NBS) showed.
The median forecast of analysts polled by Reuters was for a rise of 1.5%, though estimates varied widely. – March 16, 2020, Reuters
