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April 2022 China Macro Data Recap

China’s April macroeconomic data reveal that lockdowns and COVID-related restrictions are causing the economy to contract, with industrial value-added declining by 2.9% y/y last month, and retail sales dropping by 11.1%. While consumption is taking the first hit, production is likely to drop off further in the months ahead, given ongoing logistical disruptions to supply chains and declining new orders. Credit data were severely disappointing in April and indicate continued weakness in credit and investment demand. The most important indicators to watch from here concern how fast property sales and freight activity might recover if COVID restrictions ease soon.

Posted May 18, 2022
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