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The World’s Second-Biggest Economy Reports Slowdown in April Consumer Spending

May 17, 2021 by Forex Winner Leave a Comment

The World’s Second-Biggest Economy Reports Slowdown in April Consumer Spending

China’s consumer spending growth slowed in April to fall short of market expectations, CNBC reported.

  • Retail sales climbed 17.7% in April, slower than the 34.2% year-on-year growth in March. Analysts expected a 24.9% growth.
  • Catering sales grew 46.4%, slower than 91.6% recorded in March.
  • Year-to-date online sales of consumer goods grew at a slower pace of 23.1% versus 25.8% in the first quarter.
  • The industrial output for April climbed 9.8% to meet expectations, while the year-to-date fixed asset investment grew 19.9% to slightly surpass forecasts.
  • China Renaissance Researcher Bruce Pang said economic indicators have yet to bounce back to pre-pandemic levels.
  • Pinpoint Asset Management Chief Economist Zhiwei Zhang said uncertainties are still holding several sectors back, but the economy likely peaked on a quarter-on-quarter basis in the first three months.

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