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China's output and sales on the up but Japan growth lags
11 Sep 2009Economic recovery in China looked to be gaining pace today, but growth in Japan in the second quarter was weaker than initially thought.
Official figures in China showed industrial output and retail sales rose in August, although exports remained sluggish due to feeble global demand.
Industrial production in China last month was 12.3% higher than a year earlier, accelerating from July's 10.8% increase, while retail sales surged 15.4%.
But exports were down 23% to $103.7 billion (£61.9 billion) and imports totalled $88 billion, down 17% year-on-year.
Economic growth accelerated to 7.9% over a year earlier in the latest quarter, up from 6.1% during the previous three-month period, although is still far short of the 10%-plus growth rates of recent years. The Chinese government is aiming for 8% economic growth this year.
The news from Tokyo was less bullish, although Japan still recovered from recession in the second quarter when the economy grew by 2.3%, less than the 3.7% previously thought.
