International | Jun 12 2009
By Rudi Filapek-Vandyck
Economic data in China continue to surprise with both retail sales and industrial production, released today by the National Bureau of Statistics, proving better than previous months. They also proved higher than economist forecasts.
According to today’s releases, annual growth in China’s retail sales in May rose to 15.2% from a 14.8% rise in April. The figures are nominal and so are not adjusted for inflation or deflation. Earlier in the week it was reported Chinese consumer prices fell 1.4% in May from a year earlier, after a drop of 1.5% in April.
Prior to the release, economists had expected a rise of 14.9%-15% (depending on whom we use as a source). Retail sales rose 15.0% in the first five months of 2009.
Industrial production in China was up 8.9% year on year in May. The figure was already leaked and published earlier this week. Prior to the release economists had forecast a 7.3% annual expansion in April.
For the period of January to May, industrial output gained 6.3% on year. It had risen 5.5% through the first four months of the year.