China’s Jan-Feb industrial output contracts at sharpest pace in 30 years

According to data from National Bureau of Statistics of China (NBS), the country’s industrial production growth declined by 13.5% from a year earlier in the first two months of 2020. The figure stood way below the economists’ expectations of a 3% fall on-year.

This marked the sharpest contraction in China’s industrial output in 3 decades.

Furthermore, data showed that retail sales fell by 20.5% on a yearly basis in January-February.

Both drops were primarily driven by the new coronavirus (COVID-19) outbreak, which has caused severe disruptions in economic activities since mid-December, 2019.

The country’s manufacturing also saw the biggest fall on record in February, the NBS announced.