BEIJING, June 15 ― China's factory output and retail sales remained weak in May, official data showed today, with tepid demand and lingering Covid restrictions putting a damper on growth in the world's second-largest economy.
Retail sales sank 6.7 per cent on-year in May, the National Bureau of Statistics said, though that was an improvement from April's 11.1 per cent drop.“In May, our economy gradually overcame the adverse impact of the pandemic,” NBS spokesman Fu Linghui said at a news briefing. It was the third straight month of contraction in retail sales, according to official data, suggesting nervous consumers are tightening their purse strings with the persistent threat of lockdowns.
Shanghai, China's most populous city, started emerging from a gruelling two-month lockdown in June, providing a boost to economic sentiment.
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