China May industrial output growth slows to 5.6% on year
China’s industrial output in May increased by 5.6% year on year, slowing from April’s 6.7% growth, official data showed on Monday.
Manufacturing expansion decelerated to 6.0% in May, from 7.5% in the previous month, according to China’s National Bureau of Statistics (NBS).
Mining output posted a faster growth of 3.6% in May from 2.0% in April, while the utilities sector registered a slower expansion of 4.3% from 5.8% in the previous month.
Out of the 41 Chinese industries, 33 reported output gain in May, down from 36 in April.
The three sectors with highest output growth in May were computer, communication and other electronic devices manufacturing (14.5%); chemical raw material and finished products manufacturing (12.7%); and railway, vessel, aviation and other transportation equipment manufacturing (11.8%).
For the first five months of 2024, China’s industrial output expanded by 6.2% year on year, slower than the 6.3% pace in January-April.
China is the world’s second-biggest economy, whose recovery is being dragged down by an ailing property sector.
