China’s retail sales of consumer goods rose 2.5 percent in August from a year earlier, far below market expectations, while value-added industrial output went up 5.3 percent year on year, both slowing from July due to new COVID-19 outbreaks, official data showed.
Retail sales registered the slowest growth since August 2020, a sharp drop from the 8.5 percent in July, according to the National Bureau of Statistics, putting the average two-year growth at 1.5 percent. The figure in August was far below the projection of a 7-percent rise by both Reuters and Bloomberg.
Notably, the catering industry saw revenue fall 4.5 percent in August compared with a year ago and contrasts with 14-percent growth in sales in July.
High-tech manufacturing grew by 18 percent year on year, 3 percentage points faster than July. The output of new energy vehicles, industrial robots and integrated circuits went up dramatically.