BEIJING (Reuters) - China’s factory output rose faster-than-expected in October and retail sales continued to recover albeit at a slower-than-forecast pace, as the world’s second-largest economy emerged from its COVID-19 slump.
Industrial output climbed 6.9% in October from a year earlier, data from the National Statistics Bureau showed on Monday, in line with September’s gain. Analysts polled by Reuters had expected a 6.5% rise.
The upbeat figures came as other Asian economic powerhouses also climbed out from their pandemic depths with Japan’s economy reporting its fastest quarterly growth on record.
China’s industrial sector has staged an impressive turnaround from the pandemic paralysis seen earlier this year, helped by resilient exports.
Now, with the coronavirus largely under control in China, consumers are opening up their wallets again in a further boost to activity.
Retail sales rose 4.3% on-year, missing analysts’ forecasts for 4.9% growth but faster than the 3.3% increase in September.
China’s auto industry reported robust 12.5% growth in October vehicle sales thanks to surging demand for electric cars and trucks.
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