China’s industrial output rose 5.3 percent year-on-year in June 2024, slowing from a 5.6 percent expansion in May as slow domestic demand continued to weigh on the country’s economic recovery. Monthly, this output increased by 0.42 percent compared to May. During the January-June period, industrial output rose by 6 percent year-on-year.
China’s equipment manufacturing sector, which accounts for one-third of overall industrial output, saw a significant increase of 7.8 percent in the first half of the year. Meanwhile, the high-tech manufacturing industry also performed well, with output rising by 8.7 percent during the same period.
The data also revealed that China’s production of service robots surged by 22.8 percent, smartphones by 11.8 percent, and new energy vehicles by an impressive 34.3 percent in the first six months of the year.
Official data released by the National Bureau of Statistics (NBS) also reveals that retail sales rose 2 percent in June, slowing significantly from a 3.7 percent expansion in May.
Read | France’s economy projected to grow 0.9 percent in 2024, 1.3 percent in 2025: IMF
Meanwhile, fixed asset investment expanded by 3.9 percent in the first six months of 2024 from the same period last year. During the first five months of 2024, it rose by 4 percent.
The NBS reported earlier that China’s gross domestic product (GDP) grew by 5 percent annually in the first half of 2024, with a growth of 4.7 percent in the second quarter of 2024 compared to the same period last year.
For more news on the economy, click here.
