China slows down its industrial production with the worst numbers in 17 years
Industrial production in the country grew 4.8% in July compared to the same month in the previous year, and 1.5% less than the previous month.
China scores the lowest evolution in its industrial production since 2002. The country grew 4.8% in July compared to the same month in the previous year, and 1.5% less than the previous month, according to the local National Statistics Office. The number is also lower than what experts had forecasted.
It’s the weakest growth since February 2002, and it’s an evidence the fragility of the country’s internal demand, in the context of the trade war with the United States. Experts point that the decrease in the Chinese economy will speed and that the growth rate will stay in the low.
In the first seven months of the year, China’s industrial production grew 5.8% compared to the same period last year. Only in July, the manufacturer production grew 4.5%, while the mining industry rised 6.6%.
This indicator measures the activity of big companies with a revenue of at least 2.5 million euros. The Chinese Statistics Office also published the evolution of the sales of consumers goods, with a rise of 7.6% in July, compared to the 9.8% the previous month.
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