Jan-Feb 2019 Macro Data Recap

Industrial output growth slowed as expected in the first two months of 2019, primarily because of the timing of the Chinese New Year holiday. Industrial output growth decelerated to 5.3% y/y, with destocking in the auto sector a key drag. Both infrastructure and property investment picked up. Early-year output data has minimal implications for full-year trends, and we expect a solid rebound in March with further improvement through at least the first half.

Posted March 15, 2019
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