Chinese industrial output grows by 3.8%

Beijing, July 17 (BNA): China’s industrial output achieved an annual growth rate of 3.8% during the first half of 2023.

According to the official Chinese news agency Xinhua, data released by China’s National Bureau of Statistics revealed that industrial output grew by 4.4% annually in June, following a 3.5% growth rate in May.

According to the data, China recorded an annual growth of 6.4% in the production of the service sector during the first half of the year, after a growth rate of 1% in the first quarter.

During the first half of the year, the leisure and hospitality sector registered a remarkable growth rate of 15.5%. While the software and IT services sector also witnessed a significant increase with a growth rate of 12.9%.

Industrial output is used as a measure of the activity of large companies with an annual total turnover of at least 20 million yuan (about $2.8 million).


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