China Output Beats Forecasts as Industrial Growth Hits 5.5 Percent
Industrial production climbed 5.5% from a year earlier, ahead of the 5.4% that markets had expected and up from 5.2% in August, according to the National Bureau of Statistics (NBS). On a monthly basis, output rose 0.61%. Growth over the first nine months of the year stands at 5.3%.
Manufacturing led the gains with a 6% annual increase in September. Mining output grew 1.3%, while electricity, heating, gas and water production and supply advanced 5.6%.
High-tech and equipment sectors posted the sharpest gains. Computer, communication and other electronic equipment manufacturing surged 16.4%, and special-purpose machinery production rose 12.1%.
The auto sector sent mixed signals. Automobile manufacturing output grew 6.7%, and new energy vehicle production jumped 16.9% to 1.87 million units. Overall vehicle production, however, fell 5.7% to 3.06 million units.
Consumer spending also surprised to the upside. Retail sales rose 1.1% year-on-year in September, well above the 0.5% growth forecast and an acceleration from 0.4% in August. Sales totaled 4.24 trillion yuan, up 0.35% from the previous month. Excluding automobiles, retail sales expanded 3.9% annually to 3.88 trillion yuan ($580 billion).
For January through September, retail sales reached 37 trillion yuan, up 1.1% from the same period last year. Goods sales increased 1%, while catering revenue rose 2.4%.
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