China’s industrial production growth accelerated in July to a five-month high of 9.7 percent year-on-year, the government announced Friday.
Industrial production, which measures output at factories, workshops and mines and is a key indicator for the world’s second-largest economy, also increased 9.4 percent over the first seven months of this year, the National Bureau of Statistics (NBS) said.
The result for July was the highest since 9.9 percent recorded for January and February, which were released together due to distortions related to Chinese New Year.
July’s figure, higher than June’s 8.9 percent, exceeded analyst expectations.
The median forecast in a survey of 14 economists by Dow Jones Newswires had predicted a gain of 9.0 percent in July.
Separately, retail sales, a key indicator for consumer spending, rose 13.2 percent in July compared with the same month last year, the NBS said.
And fixed asset investment, a key measure of government spending, increased 20.1 percent during the first seven months of this year compared with the same period in 2012, the NBS said.
China July industrial output rises 9.7% on-year
