5.8 C
Monday, December 5, 2022
HomeNewsMarketingChina's Jan-Sept industrial profits fall at faster pace By Reuters

China’s Jan-Sept industrial profits fall at faster pace By Reuters


Related stories

Biocon Biologics promotes Shreehas Tambe to MD and CEO 

Biocon Biologics, a subsidiary of Biocon has announced...

UAE and Ukraine open trade talks

The UAE is to open trade talks with...

Brian Poe to raise sustainability awareness through “A Sustainable Future” book

Philanthropist and public servant Brian Poe Llamanzares has...

© Reuters. FILE PHOTO: A worker rides on a vehicle carrying pipes past an industrial park in Shenyang, Liaoning province, China, September 30, 2021. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) – Profits at China’s industrial firms fell at a faster clip in the January-September period as COVID-19 curbs and a worsening property crisis continued to weigh heavily on factory activity.

Profits fell 2.3% in the first nine months of 2022 from a year earlier, after a 2.1% drop in the January-August period, according to data from the National Bureau of Statistics (NBS) released on Thursday.

The bureau did not report standalone figures for September and August, but said in a separate statement that the decline in profits at industrial firms in September narrowed by 6.0 percentage points compared with the previous month.

After nearly contracting in spring, China’s third-quarter economic growth was faster than expected, helped by a raft of government measures.

September activity data showed strong industrial output, but prolonged property woes, slower exports and stubbornly weak retail sales are clouding the outlook for a more robust recovery in the longer term.

Last month, China’s industrial output jumped 6.3% from a year earlier, outstripping expectations for 4.5% growth and a 4.2% expansion in August.

Despite better-than-expected third quarter GDP growth, analysts at Goldman Sachs (NYSE:) cut their fourth quarter growth forecast to 3.5% on a quarter-on-quarter annualised basis from 5.0% previously.

“High-frequency data including emerging industries PMI (EPMI), new home sales, auto sales, transportation and long holiday tourism revenue pointed to a likely weak start in Q4,” Goldman Sachs analysts said.

Industrial profits data covers large firms with annual revenues above 20 million yuan ($2.79 million) from their main operations.

($1 = 7.1652 )

Source link


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories



Please enter your comment!
Please enter your name here