China’s National Bureau of Statistics published more economic data this afternoon for the first 2 months of 2012. Overall, the data is a mixed bag, with industrial production and retail sales missing expectation (retail sales, in particular, was a huge miss), while fixed-asset investment beat estimates.
Industrial production increased in Jan-Feb by 11.4% yoy in real terms, which missed market expectation of 12.3%:
The urban fixed-asset investment (ytd accumulative) increased by 21.5% yoy, above expectation of 19.5%:
If we try to take the accumulative figures (as reported) and derive the figures for individual months, the latest figure shows a strong rebound for Jan-Feb (note that no data was reported for Jan alone).
Meanwhile, retails sales grew by 14.7% yoy (nominal) for Jan-Feb, way below expectations of 17.3% yoy. In real term, retail sales increased by 10.8%:
