Dec 28, 2022 02:56 AM

ECONOMY

China Industrial Profits Drop as Covid Outbreaks Slow Output

Economists surveyed by Bloomberg project expansion of the world’s second-largest economy will moderate to just 3% this year, the slowest rate since the 1970s

Economists surveyed by Bloomberg project expansion of the world’s second-largest economy will moderate to just 3% this year, the slowest rate since the 1970s

(Bloomberg) — Profits at industrial firms in China declined in the first 11 months of the year, as production slowed and factory-gate prices fell amid Covid-19 disruptions.

Industrial profits in the January-November period dropped 3.6% from the year-earlier period, the National Bureau of Statistics said Tuesday. The decline steepened from a 3% drop in the first 10 months of 2022.

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