Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
A tower crane at a construction site in Datong, north China's Shanxi province, on August 2, 2013/AFP

World

China industrial output jumps to five month high

A tower crane at a construction site in Datong, north China's Shanxi province, on August 2, 2013/AFP

A tower crane at a construction site in Datong, north China’s Shanxi province, on August 2, 2013/AFP

BEIJING, August 9 – China’s key industrial production growth accelerated to a five month high in July, the government announced Friday as a series of statistics gave positive pointers for the world’s second largest economy.

Industrial production, which measures output at factories, workshops and mines, rose 9.7 percent year on year, well above analyst expectations of 9.0 percent in a survey by Dow Jones Newswires.

Authorities also announced steady expansion in retail sales and fixed asset investment, and a benign inflation figure of 2.7 percent, unchanged on last month.

Analysts said the figures pointed to a more stable outlook for China’s economy seen as a key driver of global growth after months of mounting pessimism.

Lu Ting, a Hong Kong based economist for Bank of America Merrill Lynch, told AFP the “overall figures are actually very good, especially the industrial output figure”.

Gross domestic product (GDP) in China seen as a key driver of global growth expanded 7.8 percent in 2012, its slowest annual pace in 13 years.

Growth slipped to 7.7 percent in the January-March period and slowed further to 7.5 percent in the second quarter, raising alarm bells among economists over possible further weakness.

But after Friday’s figures Lu told AFP: “The momentum, if maintained, would in fact make everyone’s estimation about the second half rather pessimistic, so we will likely see a round of GDP forecast upgrades soon.”

The output figures came on the heels of robust trade figures Thursday.

Advertisement. Scroll to continue reading.

Pages: 1 2

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...