China’s economy moderated in April from its record growth in the first quarter as retail sales and industrial output slowed, data from the National Bureau of Statistics (NBS) showed on Monday.
Retail sales of consumer goods rose by 17.7 percent from a year earlier in April, slowing from the 34.2-percent jump registered in March, according to the NBS data. They missed forecasts of a 24.9-percent growth by analysts from a Reuters poll and saw an average two-year growth of 4.3 percent.
Industrial output grew by 9.8 percent year on year in April, down from 14.1 percent in March. It matched expectations from analysts surveyed by Reuters and saw an average two-year growth of 6.8 percent.
The recent, rapid rise in raw material prices encouraged industrial production and restocking; however, they also dented some real final demand, warned Lu Ting, chief China economist at Nomura, in a note to CGTN.