Workers work at a construction site, following the coronavirus disease outbreak, in Shanghai, China, October 10, 2022.Workers work at a construction site, following the coronavirus disease outbreak, in Shanghai, China, October 10, 2022.COVID-19 outbreaks flared upIndustrial profits fell 3.0% in the first 10 months of 2022 from a year earlier. That compares with a 2.3% drop for January-September, National Bureau of Statistics data released on Sunday showed.
Profits for manufacturers were down 13.4% in the first ten months, slightly lower than the 13.2% fall in January-September. Some analysts now believe China’s GDP could contract in the current quarter from the third quarter, and have cut their 2023 forecasts, predicting the path to reopening the economy will be slow and bumpy.
To prop up the faltering economy, authorities have rolled out a flurry of measures recently, including moves to ease some COVID curbs and provide financial support to the property market, which have underpinned market sentiment.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE muted as investors assess rising Covid-19 cases in ChinaRisks posed by renewed restrictions in China cannot be ignored when evaluating the global economic recovery trajectory
Source: BDliveSA - 🏆 12. / 63 Read more »