Industrial Production And Retail Sales In China Rose In November

Industrial Production And Retail Sales In China Rose In November

As expected, industrial production in China rose in November, and retail sales in the world's second-largest economy also increased. The National Statistical Office informed about it on Tuesday. According to the latest data, the performance of Chinese industry in November increased by seven percent year on year, which was the highest since March last year and slightly more than the increase of 6.9 percent in the previous month. Economists expected such a result as Chinese industry continues to recover from the effects of the new coronavirus pandemic that hit it earlier this year. Statistics also showed that production in the manufacturing sector rose by 7.7 percent in November in the mining sector by two percent and electricity production increased by 5.4 percent. In the 11 months to the end of November, industrial production in China rose by 2.3 percent. Consumers have also increased their spending on shopping again, as China has managed to bring the pandemic under control. China's retail sales rose five percent year-on-year in November 2020 after rising 4.3 percent in October. November sales growth was the steepest since December last year. Nevertheless, this result fell short of the analysts' estimates, which expected sales to increase by 5.2 percent in November. Last month, car sales, which rose by 11 percent, were the engine of retail sales growth. In the first 11 months of the year, retail sales in the country fell by 4.8 percent.