China’s industrial production and retail sales miss estimates. FAI growth beats estimate.

China’s National Bureau of Statistics published more economic data this afternoon for the first 2 months of 2012.

Overall, the data is a mixed bag, with industrial production and retail sales missing expectation (retail sales, in particular, was a huge miss), while fixed-asset investment beats estimate.

Industrial production increased in Jan-Feb by 11.4% yoy in real term, which missed market expectation of 12.3% yoy.

Source: National Bureau of Statistics

Source: National Bureau of Statistics

The urban fixed-asset investment (ytd accumulative) increased by 21.5% yoy, above expectation of 19.5%.

Source: National Bureau of Statistics

If we try to take the accumulative figures (as reported) and derive the figures for individual months, the latest figure shows a strong rebound for Jan-Feb (note that no data was reported for Jan alone).

Source: National Bureau of Statistics

Meanwhile, retails sales grew by 14.7% yoy (nominal) for Jan-Feb, way below expectation of 17.3% yoy. In real term, retail sales increased by 10.8%.

Source: National Bureau of Statistics

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About Zarathustra

Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.