The national economy continues to recover in August (new data and new perspectives)
On September 15th, the National Bureau of Statistics released the performance of the national economy in August. In August, under a series of policy measures to expand domestic demand, boost confidence, and prevent risks, industrial and service industry production accelerated, domestic demand continued to expand, the employment and price situation improved, positive factors accumulated and increased, the national economy continued to recover, and the quality of development steadily improved.
The growth of production and supply is accelerating. In August, the added value of industries above designated size increased by 4.5% year-on-year, an increase of 0.8 percentage points compared to the previous month. Among them, the added value of the equipment manufacturing industry increased by 5.4% year-on-year, with a growth rate 2.1 percentage points faster than the previous month. While the growth rate of industrial production has rebounded, the service industry has shown a good growth momentum. In August, the service industry production index increased by 6.8% year-on-year, with a growth rate 1.1 percentage points faster than the previous month.
Domestic demand is steadily expanding. Market sales are accelerating their recovery. In August, the total retail sales of consumer goods increased by 4.6% year-on-year, with a growth rate 2.1 percentage points faster than the previous month. Service retail maintained rapid growth, with a year-on-year increase of 19.4% in service retail sales from January to August.