China's industrial production grew 3.7% in July in annual terms, a figure that represents a slowdown compared to June (4.4%), according to official data released today by the authorities.

The figure was below most analysts' forecasts, which expected an increase of around 4.7% compared to the same period in 2022.

The extractive industry advanced by 1.3%, while the manufacturing industry increased by 3.9% and the production and supply of electricity, heating, gas and water by 4.1%, writes Notícias ao Minuto citing Chinese data.

As for retail sales, the Chinese authorities report that there was an increase of 2.5% year-on-year, lower than the 3.1% achieved in June and below the figure expected by experts, who predicted an increase of 4.6%.

According to the source, the official urban unemployment rate stood at 5.3% at the end of July, down from 5.2% in June, but still within the 5.5% ceiling set by the authorities for this year.

For its part, the publication says, investment in fixed assets increased by 3.4% in the first seven months of the year, after having grown by 3.8% up to June.

Analysts had predicted that this indicator would grow year-on-year to 3.81TP3Q.

Within this indicator, there was an annual increase in spending on infrastructure (+6.8%) and manufacturing (+5.7%).

On the other hand, spending on real estate development fell by 8.5% in the first seven months of the year (it fell by 7.9% in the first half), due to the crisis that continues to affect the sector.