The PMI exceeded an analyst forecast of 50.5 and was the highest reading since April 2012. However, China’s manufacturing activity expanded at the fastest pace in over a decade in February, an official index showed, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year, Reuters reported.Īccording to China’s National Bureau of Statistics, the manufacturing purchasing managers’ index shot up to 52.6 from 50.1 in January, above the 50-point mark that separates expansion and contraction in activity. Similarly, the manufacturing sector stood at 74.5, down 1.4 percent from the first quarter of 2022. Meanwhile, the utilization rate of power, heat, gas and water production and supply industries fell from 1.9 percent to 71.9 percent during the period under review. The NSAC data further revealed that the mining sector’s utility rate reached 75.2 percent in the first quarter of 2023, taking a 1.8 percent dip compared to the year-ago period. ![]() The higher the rate, the better, as it indicates that an economy is producing in accordance with its resources. RIYADH: China’s industrial capacity utilization rate reached 74.3 percent during the first quarter of 2023, registering a 1.5 percent decline compared to the same period in 2022, Saudi Press Agency reported.Īccording to data from the National Statistics Authority of China, the figure also reflected a 1.4 percent drop compared to the final quarter of 2022.Ĭapacity utilization rate refers to the ratio of actual output to production capacity.
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