Huizhou’s economy slowed further in October, with industrial output and retail sales both down, according to the latest official data. However, fixed-asset investment is kicking in.
From January to October, industrial output grew just 2.3% YoY, 0.4 percentage points down from the year to September. The traditional staple of the electronics industry grew by just 1%.
Fixed-asset investment surged by 15.5%, accelerating in October to grow 1.7 percentage points faster than the year to September, and 11.2 percentage points faster YoY. Industrial investment rose 21.8%, 3.4 percentage points up from the year to September; infrastructure investment grew by 19.3%, 0.1 percentage points up; and real estate investment increased by 21.1%, 1.1 percentage points up.
Total retail sales grew by 8.1%, 0.1 percentage points slower than the first three quarters. Among them, wholesale, lodging and catering industries have seen faster growth while retail industry has seen slower growth at 8.5%.
Prices kept rising, with CPI jumping 2.8% from January to October, 0.1 percentage point up from the first three quarters. All categories of products listed, except traffic and telecommunication products, rose.