China's April Industrial Output Growth Slows to 4.1% YoY, a Near 3-Year Low
China's National Bureau of Statistics reported that in April 2024, the value-added of industrial enterprises above a designated size grew by 4.1% year-on-year, the slowest pace since July 2023. Additionally, total retail sales of consumer goods increased by only 0.2% YoY, the lowest since December 2022. Both figures fell significantly short of market expectations, highlighting persistent weakness in domestic demand.
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- 📰 Published: May 18, 2026 at 14:25
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Central News Agency (CNA, Taipei, 18th) — China's National Bureau of Statistics announced today that the value-added of industrial enterprises above a designated size increased by 4.1% year-on-year in April, the lowest since July 2023 and below the 5.7% year-on-year growth in March. Total retail sales of consumer goods in April grew by only 0.2% year-on-year, the lowest since December 2022.
According to data from the National Bureau of Statistics, from January to April, national fixed-asset investment decreased by 1.6% year-on-year. By sector, infrastructure investment grew by 4.3% year-on-year, and manufacturing investment grew by 1.2%. However, real estate development investment fell by 13.7% year-on-year, the sales area of new commercial housing dropped by 10.2% year-on-year, and the sales value of new commercial housing decreased by 14.6% year-on-year.
The surveyed urban unemployment rate in April was 5.2%, a decrease of 0.2 percentage points from March.
The growth rate of industrial value-added is used to assess the short-term operational trends and prosperity of the industrial economy. 'Industrial enterprises above a designated size' refers to industrial enterprises with an annual main business revenue of 20 million RMB or more.
According to the National Bureau of Statistics, China's total goods import and export value in April increased by 14.2% year-on-year, with exports growing by 9.8% and imports by 20.6%.
Reuters reported today that China's 4.1% year-on-year growth in industrial value-added for April was the lowest since July 2023 and below Reuters' previous forecast of 5.9%. The mere 0.2% year-on-year increase in retail sales was the lowest since December 2022 and also missed market expectations.
The report stated that the data reflects China's ongoing struggle with weak domestic demand while grappling with rising energy costs from the US-Iran war. Experts believe that strong export performance helps mitigate weak domestic demand but is not enough to fully offset its impact. (Editors: Chen Kai-yu / Chu Chien-ling) 1150518
According to data from the National Bureau of Statistics, from January to April, national fixed-asset investment decreased by 1.6% year-on-year. By sector, infrastructure investment grew by 4.3% year-on-year, and manufacturing investment grew by 1.2%. However, real estate development investment fell by 13.7% year-on-year, the sales area of new commercial housing dropped by 10.2% year-on-year, and the sales value of new commercial housing decreased by 14.6% year-on-year.
The surveyed urban unemployment rate in April was 5.2%, a decrease of 0.2 percentage points from March.
The growth rate of industrial value-added is used to assess the short-term operational trends and prosperity of the industrial economy. 'Industrial enterprises above a designated size' refers to industrial enterprises with an annual main business revenue of 20 million RMB or more.
According to the National Bureau of Statistics, China's total goods import and export value in April increased by 14.2% year-on-year, with exports growing by 9.8% and imports by 20.6%.
Reuters reported today that China's 4.1% year-on-year growth in industrial value-added for April was the lowest since July 2023 and below Reuters' previous forecast of 5.9%. The mere 0.2% year-on-year increase in retail sales was the lowest since December 2022 and also missed market expectations.
The report stated that the data reflects China's ongoing struggle with weak domestic demand while grappling with rising energy costs from the US-Iran war. Experts believe that strong export performance helps mitigate weak domestic demand but is not enough to fully offset its impact. (Editors: Chen Kai-yu / Chu Chien-ling) 1150518