(Bloomberg) -- China’s industrial production grew less than economists estimated in April as electricity output fell and exports tumbled. Retail sales climbed.
Output rose 7.3 percent from a year earlier, the statistics bureau said today, after gaining 8.3 percent in March. That was less than the 8.6 percent median estimate of 20 economists surveyed by Bloomberg News. Retail sales grew 14.8 percent from a year earlier.
The data adds to evidence that a 4 trillion yuan ($586 billion) stimulus plan is buoying domestic growth, while the global recession takes a toll on exports and related industries. Urban fixed-asset investment grew a more-than-expected 30.5 percent in the first four months of this year, while an export slump deepened in April, reports showed yesterday.
“The recovery is still quite fragile -- exports are still very weak,” said Isaac Meng,’’ a senior economist at BNP Paribas SA in Beijing.
Retail sales grew more than the economists’ median estimate of 14.5 percent, after climbing 14.7 percent in March.
The Shanghai Composite Index rose 0.7 percent as of 10:53 a.m. local time. The yuan traded at 6.8224 against the dollar, from 6.8226 before the data was released.
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