Chinese economy continues its pandemic bounce back – BBC News

Published

4 years ago

March 15, 2021

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Key economic data in China surged dramatically in the first two months of 2021, pointing to a continued recovery for the world’s second largest economy.

China’s industrial output grew 35.1% in January and February compared to the same months last year.

The strong numbers are distorted because they are compared to 2020, when most of China’s factories were in pandemic lockdown.

But Monday’s slew of economic data still beat analysts’ expectations.

Looking back to 2019 before the pandemic hit may give a more accurate picture of what is happening to economic activity in China.

Industrial output was up 16.9% compared with the first two months of 2019, highlighting the stronger output.

A rebound in foreign demand has helped push export growth higher for China, often called the world’s factory.

The Chinese government has set a modest annual economic growth target for 2021, at above 6%, even though analysts are tipping growth of around 8%.

China was the only major economy last year to report positive growth, with an expansion of 2.3%.

A spokeswoman for China’s statistics bureau Liu Aihua told reporters the economy should continue its recovery.

However, she said there are still imbalances in the economic recovery and that China needs to step up support for consumption.

Retail sales, another key economic indicator, climbed 33.8% in the period, although the jobless rate was 5.5% at the end of February, up from 5.2% in December.

Economists have pointed to a two-speed track for China, with strong industrial output and export demand but a lagging consumer recovery.

The government imposed travel restrictions before the Chinese New Year holidays, which fell in February this year. This suppressed spending on travel, restaurants and leisure activities.

However, retail sales data showed the top growth items were jewellery (up 99%) and cars (up 78%).

“These items tell us that Chinese consumers spent lavishly during the Chinese New Year holiday,” said Iris Pang, Chief Economist for Greater China, at ING bank.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

16 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Statistics Canada reports wholesale sales higher in July

Published

23 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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