Caixin
Nov 15, 2022 05:08 PM
ECONOMY

China Retail Sales Shrink as Covid Flare-Ups Strain Economy

Visitors walk through Yuyuan Garden in Shanghai on Oct. 2.  Photo: Bloomberg
Visitors walk through Yuyuan Garden in Shanghai on Oct. 2. Photo: Bloomberg

(Bloomberg) — China’s economy weakened in October as worsening Covid outbreaks across the country hurt consumer sentiment and disrupted business activity while a slump in the property market showed no signs of easing.

Retail sales contracted for the first time since May, dropping 0.5% from a year earlier, the National Bureau of Statistics (NBS) said Tuesday. The median estimate in a Bloomberg survey was for 0.7% growth. 

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