Chinese industrial output slumped to its lowest level in more than 17 years in May, as the world’s second-biggest economy wrestles with reignited trade tensions with the US.
Data published by China’s National Bureau of Statistics on Friday showed that growth in industrial output slipped to 5 per cent year on year in May, its weakest showing since February 2002, and lower than the prior month’s reading of 5.4 per cent. The figure was also significantly below the 5.5 per cent in growth predicted by economists polled by Reuters.
Some segments of the Chinese economy did show some vigour during May. Retail sales in China rebounded strongly to 8.6 per cent during May, up from April’s rate of 7.2 per cent, which had been the worst monthly showing since 2003. Economists polled by Reuters had been predicting retail sales growth of just 8.1 per cent for May.