China Q1 GDP: 7.4% y/y (vs. expected +7.3%) (came out early … so who was ready?)
- Slowest rate since the third quarter of 2012
- Second straight quarterly slowdown
- But a beat of expectations
- +1.4% from the previous quarter on a seasonally adjusted basis
- Annualized q/q growth has slowed to 5.7% (yuck)
- China revises Q4 q/q growth rate to 1.7% from 1.8%
- Revises Q3 to 2.3% from 2.2%
From the Chinese statistics bureau, the National Bureau of Statistics of China, comments:
- Says the economy is in a reasonable range, but under pressure
- Q1 GDP growth rate within target zone of about 7.5%
- Q1 employment, income data showed that growth is ‘not bad’
- Internal survey shows stable employment
- China jobs, income show reasonable growth in Q1
- Says China economy is moving in the expected direction, stabilising trend not changed
This is China GDP QoQ Seasonally adjusted:
This is China GDP YoY:
–
China March Industrial Production: 8.8% y/y (expected +9.0%)
- miss
China March Retail Sales: 12.2% y/y (vs. expected +12.1%)
- beat
China March Fixed Assets (excluding rural) YTD: 17.6% y/y (vs. expected +18.0%)
- miss
