China's Industrial Production, Retail See Surge in March
(MENAFN) China's industrial production saw a significant boost in March, rising 7.7% year-on-year, marking its strongest growth since June 2021, as reported by the National Bureau of Statistics on Wednesday. This exceeded market expectations, which had forecasted a 5.9% increase.
Growth was broad-based across key sectors, with manufacturing up by 7.9%, electricity, heat, gas, and water production rising 3.5%, and mining expanding by 9.3%.
Retail sales in China also saw an uptick, climbing 5.9% year-on-year in March, surpassing the 4.2% annual growth expected by economists. "In the first quarter, the retail sales of services went up by 5.0 percent year on year," the bureau noted.
Additionally, the country's unemployment rate fell to 5.2% in March, down from 5.4% in February, and was better than the anticipated 5.3%.
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