Watch out for the deluge of Chinese economic data due on Tuesday, January 17, 2023 – preview

China is going on a week-long holiday at the end of this week for the Lunar New Year, welcoming the Year of the Rabbit.

Let’s see if any of this data pulls a rabbit out of the hat:

  • This ForexLive economic data calendar snapshot, access it here.

  • The times in the leftmost column are GMT.

  • The numbers in the rightmost column are the “previous” result (previous month/quarter, as applicable). The number in the column next to that, where there is a number, is the expected consensus median.

This data from China is likely to be negatively impacted by the spike in COVID infections late last year. The economy has been hit by workers who have fallen ill and consumers who have stayed home for fear of falling ill

On a more optimistic note, there are indications that waves of infection in major cities have peaked and activity has rebounded in recent weeks. The data should improve in the coming months.

Gross domestic product in Q4 will be much weaker than in Q3.

December data:

  • Retail sales likely plunged further from November to December (consumer confidence fell sharply). Car sales improved, there were tax breaks offered for the purchase of electric vehicles
  • The unemployment rate is expected to have risen to 5.8% in December from 5.7% in November, while slowing income growth throughout 2022 prompted households to be cautious about their spending
  • Industrial production seems to have increased very slowly. Worker absences, supply chain and logistics issues, weak global export demand all weighed on factory output.
  • Capital investments were supported by infrastructure spending. Real estate investment is a brake, the sector is experiencing a crisis due to the implosion of debt.


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