Chinese economy signals for recession

09:34 Fri, 09 June

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15.Dec .2022 21:00

Chinese economy signals for recession

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China's economic indicators in November signaled a slowdown in economic recovery in the country.

While industrial production posted a slight increase in November, retail sales saw an annual decline.

Retail sales, which is an indicator of consumption in a country, narrowed by 0.5% in October and 5.9% in November on a yearly basis.

Industrial production was up by 2.2% on a yearly basis, down from 5.5% in October.

Despite decreasing house prices, retail sales investments narrowed by 9.8% in the first 11 months of this year.

The country's urban unemployment rate increased by 0.2 percentage points to 5.7%, while youth unemployment in urban areas was at 17.1% in November.

Despite normalization moves globally, China has been insisting on strong COVID-19 measures, such as lockdowns, which negatively affected economic activity in the country, AA reports.