Guangzhou (JLC), November 15, 2023 – China's economy continued to improve steadily in October, with industrial output, service output, retail sales and imports all posting growth, data from the National Bureau of Statistics (NBS) showed.
Industrial output grows steadily
In January-October, China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew 4.1% YoY, the NBS data indicated.
In October, China's value-added industrial output rose 4.6% YoY, accelerating from 4.5% registered in September, the NBS data showed.
In breakdown, output from the mining sector increased 2.9% YoY in October, output from the manufacturing sector grew 5.1% YoY, and output from the electricity, heat, gas and water sectors gained 1.5% YoY in October, the NBS said.
Service sector continues to grow
In January-October, China’s nationwide service production index gained 7.9% YoY.
The index grew 7.7% YoY in October, accelerating from 6.9% in September, suggesting the service sector still expanded strongly, the NBS data showed.
In breakdown, production index of the catering and accommodations sector grew 21.3% YoY in October, while the index from the transport, logistics and postal services sector grew 13.2% YoY, thanks to the 8-day Golden Week holiday.
Retail sector on growth trajectory
In January-October, China's retail sales for consumer goods, a key measurement of consumer spending, gained 6.9% YoY to CNY38.54 trillion.
Online sales of goods came in at CNY10.30 trillion in January-October, gaining 8.4% on year, indicating that the e-commerce still flourished.
In October, China's retail sales of consumer goods increased 7.6% YoY to CNY4.33 trillion, the NBS said.
Fixed-asset investment keeps expanding
In January-October, China's fixed-asset investment went up 2.9% YoY to CNY41.94 trillion, the NBS data showed.
In breakdown, fixed-asset investment in infrastructure and manufacturing gained 5.9% and 6.2% YoY in January-October, respectively.
However, investment in the property sector dropped 9.3% YoY in January-October. Home sales value shrank 4.9% YoY to CNY9.72 trillion in January-October, the NBS data showed.
Import and Export largely stable
In January-October, total value of imports and exports of goods (in CNY terms) totaled CNY34.32 trillion, a year-on-year increase of 0.03%.
Export value gained 0.4% YoY to CNY19.55 trillion in January-October, while import value contracted 0.5% to CNY14.77 trillion in these months.
In October, total value of imports and exports of goods (in CNY terms) totaled CNY3.54 trillion, growing 0.9% YoY, the NBS data showed.
Export value fell 3.1% YoY to CNY1.97 trillion in October, while import value gained 6.4% YoY to CNY1.57 trillion in the month.
Unemployment rate lower YoY
The urban surveyed jobless rate stayed at 5.0% in October, unchanged from September, the NBS data showed. The reading was lower than the 5.5% registered in October 2022.
