Home Economy China’s economy skids as lockdowns hit factories, retailers

China’s economy skids as lockdowns hit factories, retailers

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  • April industrial output unexpectedly falls y/y
  • April retail sales falls faster than expected
  • Nationwide jobless rate highest since Feb 2020
  • Fixed asset investment growth slower than f’cast

BEIJING, May 16 (Reuters) – China’s retail and factory activity fell sharply in April as wide COVID-19 lockdowns confined workers and consumers to their homes and severely disrupted supply chains, casting a long shadow over the outlook for the world’s second-largest economy.

Full or partial lockdowns were imposed in major centres across the country in March and April, including the most populous city Shanghai, hitting production and consumption and heightening risks for those parts of the global economy heavily dependent on China.

Retail sales in April shrank 11.1% from a year earlier, the biggest contraction since March 2020, data from the National Bureau of Statistics (NBS) showed on Monday, a steeper decline than forecast in a Reuters poll.

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