China Shows Signs of Recovery as Industrial Output and Retail Sales Beat Expectations

China’s industrial output came out better than forecasted in October despite fresh new restrictions are in place to contain COVID-19 outbreak and bottlenecked supply that put the recovery of the world’s second largest economy at question.

According to National Bureau of Statistics of China, industrial output grew 3.5% in October year-over-year than forecasted 3.0% by Reuters poll.

Retail sales in October grew 4.9% compared to the same period last year, beating forecast of 3.5%. Earlier in September retail sales have grown 4.4%.

Fixed asset investment however slowed down rising only 6.1% compared to the same period last year. Reuters poll forecasted fixed asset investment to grow by 6.1%.