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Residents walk through disinfectant spray as their residential community lifts the lockdown on epidemic control on August 14, 2021, in Nanjing, China’s Jiangsu Province.
Ruan Zhong | China Visual Group | Getty Images
BEIJING – China released economic data for July which showed slower-than-expected growth.
Retail sales rose 8.5% in July from a year ago, lower than forecast of 11.5%, according to analysts polled by Reuters. Auto-related sales, the largest component of retail sales by value, were the only category to decline in July, down 1.8% year-on-year.
Industrial production rose 6.4%, also below expectations of a 7.8% year-on-year increase in July, according to the Reuters poll.
Capital investment for the first seven months of the year rose 10.3%, below expectations of 11.3% year-on-year growth for the January-July period, according to Reuters.
The National Bureau of Statistics noted “the impact of several factors, including increasing external uncertainties and the national COVID-19 epidemic and flood situation,” according to a statement. The office added that “the economic recovery is still unstable and uneven”.
The unemployment rate in cities was 5.1% last month, while that of 16-24 year olds remained much higher at 16.2%.
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