China’s industrial production in March fell 1.1% from the previous year, better than expected; first quarter investment falls 16.1% – ABOUT MAG 2020

ARCHIVE PHOTO: A man works in an oven at a steel factory of Dalian Special Steel Co. Ltd. in Dalian, Liaoning Province, China, July 13, 2018, photo taken on July 13, 2018. REUTERS / Stringer / File Photo

BEIJING (Reuters) – China’s industrial production fell 1.1% less than expected in March from the previous year, data from the National Bureau of Statistics showed on Friday, with the coronavirus crisis and stringent containment measures severely disturbing the second world cause. greater savings.

Analysts polled by Reuters had expected industrial production to fall 7.3% in March, moderating somewhat after the 13.5% drop in the first two months of the year.

Retail sales plunged 15.8% in March, worse than analysts’ expectations of a 10% drop. They had dropped 20.5% in the first two months, when authorities closed much of the country, consumers avoid crowded places and many stores and restaurants closed.

Investment in fixed assets fell 16.1% in January-March, worse than the forecast of a 15.1% decline. The meter sank 24.5% in the first two months, the first contraction ever recorded.

Investment in fixed assets in the private sector, responsible for 60% of the country’s total investment, fell 18.8% in the first quarter of this year, compared to a 26.4% drop in January-February.

While China has largely controlled the virus outbreak, officials are concerned about a possible second wave of infections and analysts warn that it could take months for the economy to recover to normal levels.

Reporting by Gabriel Crossley, Judy Hua and Stella Qiu; Editing by Shri Navaratnam

Paula Fonseca