Retail sales in China fall by 20.5% in January and February
China hurts from coronavirus. Retail sales in the Asian country have decreased by 20.5% in January and February, which coincided with the period when the coronavirus was at its peak in the country. Meanwhile, Industrial production has fallen by 13.5%, while investment in equipment has decreased by 25%, according to the country’s statistic office.
“The impact of the virus is short-term and manageable”, said Mao Shengyong, a spokesman for the China National Statistic National Office, in South China Morning Post. For this part, Iris Pang, chief economist at ING in China, has pointed out that “there is no data in history to compare these figures”.
ING has revised its growth forecasts for the country’s Gross Domestic Product (GDP) in the first quarter, it’s expected to grow by 3.6%, compared to the anticipated 4.4% rise. By 2020, the Asian country’s economy will grow 4.8%, compared to the 5.2% expected.
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