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- China: More moderated outlook for Q2 GDP – UOB
China: More moderated outlook for Q2 GDP – UOB
FXStreet reports that economist at UOB Group Ho Woei Chen, CFA, reviews the latest set of Chinese data releases.
“China’s April economic data including the credit growth released last week, pointed to a moderation in growth outlook in 2Q21. The biggest let-down was the sharp slowdown in retail sales growth to 17.7% y/y (Bloomberg est: 25.0%) from 34.2% in March, as investors pinned hopes on a stronger recovery in private consumption to drive the growth momentum in 2H21.”
“Despite the moderation in the economic indicators, the survey jobless rate improved further to 5.1% in April (Bloomberg est: 5.2%) from 5.3% in March. The survey jobless rate is at its lowest since November 2019 when it was at the same rate. Our 2Q21 GDP growth forecast for China remains at 8.0% y/y from 18.3% y/y in 1Q21, as the low base effect continues to diminish.”
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