Investment in real estate development rose 11.2% year-on-year in the first five months this year, down from an 11.9% increase in the first four months, official data showed Friday.

Investment in residential property development, which accounts for more than 70% of investment in property development, rose 16.3% year-on-year in the same period, down from 16.8% growth in the first four months, according to data released by the National Bureau of Statistics (NBS).

China’s fixed-asset investment excluding investment by rural households — a key driver of domestic demand — grew 5.6% year-on-year in the first five months this year, the slowest pace since the first nine months in 2018, NBS data showed. The reading was down from 6.1% growth in the first four months of this year, and missed the median forecast of a 6.1% increase from a Bloomberg News survey of economists. 

Government-driven infrastructure investment rose 4% year-on-year in the first five months, down from 4.4% growth in the first four months.

Value-added industrial output, which measures production at factories, mines and utilities, increased 5% year-on-year in May, down from a 5.4% increase in the month before. The reading was the lowest since February 2002, when growth stood at 2.7%.

Meanwhile, retail sales, which include spending by governments, businesses and households, increased 8.6% year-on-year last month, rebounding from a 7.2% rise in April.

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Contact reporter Liu Jiefei (jiefeiliu@caixin.com)