China: Recovery remained firm in March – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
UOB Group’s Economist Ho Woei Chen reviews the latest set of data releases in the Chinese economy.
“Better-than-expected manufacturing and non-manufacturing PMIs indicate that China’s economic recovery continued to gain traction in Mar, led by the services sector while the manufacturing sector may hold up stronger than initially thought.”
“Nonetheless, the components of the PMIs suggest that there remains weakness in the economic recovery. Employment in both the manufacturing and nonmanufacturing sectors contracted in Mar while the decline in output/ selling prices may indicate demand weakness and weak profitability. Furthermore, softening external demand and geopolitical tensions continue to pose risk to China’s manufacturing sector.”
“Given a relatively high base of comparison, we forecast GDP to expand by around 3.4% y/y in 1Q23 (4Q22: 2.9% y/y).”
[/s2If]
Join Our Telegram Group
