BEIJING – The key indicators of economic activity in China recorded a slowdown in growth in August, according to official figures released on Thursday.
Retail sales, the main indicator of private consumption, rose 10.1 percent year-on-year in August, 0.3 percentage points less than in July, while industrial production grew 6 percent in the same period, China’s National Bureau of Statistics said.
In total, retail sales during the first eight months of the year rose 10.4 percent to 23.2 trillion yuan ($3.5 trillion).
On the other hand, industrial production, another important economic indicator, grew 6 percent in August, less than the 6.4 percent recorded in July.
Industrial production and retail sales weakened in August, and investment in fixed assets, too, touched its lowest since 1999.
Official data showed that during the first eight months of the year, investment in fixed assets rose 7.8 percent year-on-year against 8.3 percent between January-July.
According to the report, investment in the real-estate sector between January-August expanded 7.9 percent, unchanged from January-July.
Property sales had continued to cool owing to government restrictions to prevent a real estate bubble.
In terms of area, property sales rose 12.7 percent, down 1.3 percentage points from the period between January-July.
Economics research consultancy, Capital Economics, said on Thursday that the data on economic activity in August was below expectations mainly due to weak domestic demand.
“With tighter monetary conditions still weighing on credit growth, we expect a further slowdown in economic activity in coming quarters,” according to Capital Economics analyst Julian Evans-Pritchard.