Fin24

China's industrial output up 9.2%

2012-08-09 12:24

Beijing - Output at China's factories, workshops and mines slowed in July, official data showed on Thursday, in a sign of weakness in the world's second-largest economy despite government efforts to boost growth.

Industrial production rose 9.2% last month, the National Bureau of Statistics said, compared to an increase of 9.5% year-on-year (y/y) in June.

Output for the first seven months of 2012 rose 10.3%, the National Bureau of Statistics said.

Separately, retail sales, the main gauge of consumer spending, also slowed, rising 13.1% in July compared with the same month last year, the bureau said.

Retail sales had gained 13.7% in June. They rose 14.2% (y/y) in the first seven months of 2012.

China's economy grew 7.6% in the second quarter from the same period the year before to log its worst performance since the depths of the global economic crisis in 2008-2009.

Authorities have taken measures including slashing interest rates and loosening restrictions on bank lending to boost growth, which has been dented by weakness in overseas economies including the European Union, a key trading partner.

Also Thursday, the bureau said that China's urban fixed asset investments rose 20.4% in the first seven months of 2012 compared with the same period the year before.

Fixed asset investments are a key measure of government spending on infrastructure.

Earlier, the bureau said that China's inflation slowed in July to a two-and-a-half-year low.

*Follow Fin24 on Twitter, Facebook and Google+.