MNI DATA IMPACT: China Q1 GDP unchanged at 6.4%

     BEIJING (MNI) - China's Q1 GDP remained at 6.4% in the first quarter of

2019, unchanged from the previous quarter. Data released by China's National

Bureau of Statistics (NBS) on Wednesday showed that industrial output soared to

a four-and-a-half-year high while fixed-asset investment (FAI) - notably

property investment - extended recent strengths. Retail sales remained

relatively flat.

     Here are key points MNI highlights from the data:

     - GDP grew at 6.4% y/y in the first quarter of 2019, beating the median of

6.3% forecast by an MNI survey and unchanged from Q4, 2018. 

     - Industrial output accelerated sharply by 8.5% y/y in March from 5.3% in

the first two months, hitting the highest level since August 2014. This was well

above the 6.0% projected by analysts polled by MNI. Q1 industrial output was up

6.5% y/y.

     - Retail sales growth was 8.7% y/y, outpacing the 8.3% forecast polled by

MNI and recovering from 8.2% in the Jan-Feb period. Q1 retail sales were 8.3%

y/y.

     - FAI recorded 6.3% y/y growth in Q1, in line with the 6.3% median in an

MNI survey and against 6.1% in January and February. Property investment rose to

11.8% y/y, continuing the strength that saw growth of 11.6% in the Jan-Feb

period. 

     - The surveyed unemployment rate fell to 5.2% y/y in March from February's

5.3%, lower than the target of 'around 5.5%'. The surveyed unemployment rate in

the 31 big cities came in at 5.1%, up 0.1 percentage point on last month. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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