China's August Retail Sales Up 2.5% YoY, Significantly Below 7% Forecast (Update)

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jaehee] Due to the outbreak of COVID-19 in early 2020, China's retail sales index in August showed a disappointing level, increasing by only 2.5% compared to the previous year.

On the 15th, China's National Bureau of Statistics announced that the retail sales index for August 2021 increased by 2.5% year-on-year. This is significantly below experts' expectations of 7%.

The industrial production index also rose by 5.3% in the same month, slightly below the forecast of 5.8%.

Fixed asset investment from January to August this year increased by 8.9% compared to the same period last year.

Due to the spread of the highly contagious Delta variant, the Chinese government implemented travel restrictions and regional lockdown measures within China under a zero-tolerance policy.

The unemployment rate in August was 5.1%, the same as in July, and the unemployment rate for those aged 16 to 24 slightly decreased to 15.3%.