China's Industrial Production and Retail Sales Surpass Expectations in December
The industrial output and retail sales in China have shown a stronger-than-anticipated performance for December 2024, according to recent data released by the National Bureau of Statistics (NBS).
Industrial production in China surged by 6.2% in December compared to the same month in 2023, exceeding analysts' predictions of a 5.3% increase, as per the analysis conducted by FactSet. This growth also surpassed the previous month's performance, which recorded a 5.4% increase on a year-over-year basis.
In terms of retail sales, they rose by 3.7% in December compared to the same month the previous year, which also outperformed the 3.5% growth that analysts had forecasted. This marks a notable increase from November's retail sales growth of 3%.
On a month-to-month basis, industrial production saw a 0.64% increase from November, while retail sales experienced a modest rise of 0.12% during the same period.
Furthermore, investments in fixed assets showed a year-on-year increase of 3.2% from January to December 2024, aligning closely with the analysts' expectations of a 3.3% rise.
Additionally, the NBS provided insights into the real estate sector in China. The average price of new homes fell by 0.08% in December compared to November, a decline that was less severe than the 0.2% drop recorded in November. Year-over-year, the average home price decreased by 5.7% in December, again a less pronounced drop compared to the 6.1% decline noted in the previous month.
In terms of regional performance, from the 70 major cities across China, 43 reported a decrease in home prices compared to the same period in 2023, which is an improvement from November's figures where 49 cities experienced price declines.
These statistics indicate a resilient economic performance in China as it navigates through the complexities of a post-pandemic recovery, showcasing positive trends in both industrial activity and consumer spending.
