China’s economic slowdown accelerates in November

ISTANBUL

China’s economic downturn deepened in November as the slowdown in production, consumption, and investment continued, driven by external uncertainties stemming from tariff tensions with the US, a slump caused by weak domestic demand, and a decline in the real estate sector.

Industrial production grew 4.8% year-on-year in November, slowing from the previous month and below market expectations, official data from China's National Bureau of Statistics showed Monday.

The industrial production growth marked its weakest level since August 2024.

Retail sales, a key indicator of consumption, rose 1.3% in November, coming below market expectations and down from October.

Investments decline

Fixed-asset investment—covering infrastructure, real estate, machinery and equipment—fell 2.6% in the January-November period, accelerating from a 1.7% decline in the first 10 months.

The property downturn, now in its third year, continued to pressure overall investment. Real estate spending dropped 15.9% in the first 11 months, a sharper fall than the 14.7% decline through September.

New housing sales per square meter fell by 7.8% in 11 months, a faster decline than the 6.8% drop in the previous 10 months.

Private sector investments, considered an indicator of confidence in the economy, also lost momentum faster, falling by 5.3% in 11 months, a faster decline than the 4.5% drop in the previous 10 months.

China’s urban unemployment rate was unchanged from the previous month at 5.1% in November.