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The government uses the estimates as a basis for its growth and fiscal projections for the next budget due on Feb. 1. Since September, economists have been cutting their 2022/23 growth projections to around 7% due to slowing exports and risks of high inflation crimping purchasing power. India's nominal growth, which includes inflation, is projected to be at 15.4% for 2022/23, up from an earlier 11.1% estimate. "The nominal GDP growth is higher, implying that the government's fiscal deficit target will be achieved," said Sabnavis. "Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, economist at ICRA.

☆ Xi Jinping estimates China’s 2022 GDP grew at least 4.4%. But Covid misery looms
▼ + stars: | 2023-01-02 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s economy grew at least 4.4% in 2022, according to leader Xi Jinping, a figure much stronger than many economists had expected. China’s annual GDP is expected to have exceeded 120 trillion yuan ($17.4 trillion) last year, Xi said in a televised New Year’s Eve speech on Saturday. Economists had generally expected growth to slump to a rate between 2.7% and 3.3% for 2022. But an explosion of Covid infections, triggered by the abrupt easing of pandemic restrictions in early December, is clouding the outlook. However, some forecast the economy will rebound after March, as people learn to live with Covid.

☆ Chinese manufacturing contracts sharply as COVID infections soar
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +4 min

Economists in a Reuters poll had expected the PMI to come in at 48.0. The data offered the first official snapshot of the manufacturing sector after China removed the world's strictest COVID restrictions in early December. Cumulative infections likely reached 18.6 million in December, UK-based health data firm Airfinity estimated. GDP expanded 3% in the first nine months of 2022, versus China's official full-year goal of around 5.5%. The official composite PMI, which combines manufacturing and services, declined to 42.6 from 47.1.

☆ China Dec manufacturing contracts sharply as COVID infections soar
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +3 min

The data offered the first official snapshot of the manufacturing sector after China removed the world's strictest COVID restrictions in early December. Weakening external demand on the back of growing global recession fears amid rising interest rates, inflation and the war in Ukraine may further slow China's exports, hurting its massive manufacturing sector and hampering the economic recovery. The official composite PMI, which combines manufacturing and services, declined to 42.6 from 47.1. The official manufacturing PMI largely focuses on big and state-owned firms. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Jan. 3.

☆ China December factory activity contracts sharply - official PMI
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 31 (Reuters) - China's factory activity contracted for the third straight month in December and at a sharper pace, official data showed on Saturday, weighed down by the spread of COVID infections through production lines following Beijing's abrupt easing of anti-virus measures. The official purchasing managers' index (PMI) stood at 47.0 against a 48.0 reading in November, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 48.0. The 50-point mark separates contraction from growth on a monthly basis. Reporting by Ryan Woo, Joe Cash and Ellen Zhang; Editing by Sam Holmes and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ China December manufacturing contracts at sharpest pace in almost 3 years
▼ + stars: | 2022-12-31 | by ( ) www.cnbc.com time to read: +1 min

Chinese manufacturing activity contracted at its sharpest pace in nearly 3 years in December. China's factory activity shrank for the third straight month in December and at the sharpest pace in nearly three years as Covid infections swept through production lines across the country after Beijing's abrupt reversal of anti-virus measures. The data offered the first official snapshot of the manufacturing sector after China removed the world's strictest Covid restrictions in early December. Reuters reported on Wednesday that Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced output it began this month into next year. Weakening external demand on the back of growing global recession fears amid rising interest rates, inflation and the war in Ukraine may further slow China's exports, hurting its massive manufacturing sector and hampering an economic recovery.

☆ China censors COVID-related content online as New Year's Eve prompts reflection by some
▼ + stars: | 2022-12-31 | by ( Eduardo Baptista | ) www.reuters.com time to read: +5 min

BEIJING, Dec 31 (Reuters) - New Year's Eve in China prompted an outpouring of reflection online, some of it critical, about the strict zero-COVID policy the country adhered to for almost three years. One Weibo hashtag about the video garnered almost 4 million hits before it disappeared from platforms around noon on Saturday. China has massively reduced its reporting of nationwide figures on COVID-19 infections. Cumulative infections in China likely reached 18.6 million in December, UK-based health data firm Airfinity estimated on Thursday. The infections have prompted international concern, particularly regarding the possibility of a new, stronger variant emerging out of China.

☆ China's factory activity likely cooled in December on COVID surge: Reuters poll
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 30 (Reuters) - China's factory activity is expected to have extended declines in December, a Reuters poll showed on Friday, as the end of the country's "zero-COVID" policy and rising infections began to affect production lines. An index reading below the 50-mark indicates contraction in activity on a monthly basis and a reading above indicates expansion. The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Saturday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Jan. 3. Analysts polled by Reuters expect a headline reading of 48.8, down from 49.4 in November.

☆ China reopening earlier than expected could hit supply chains in the short term, but boost growth in 2023
▼ + stars: | 2022-12-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Photographer: Qilai Shen/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesMainland China's reopening came sooner than expected for investors, and Goldman Sachs warns it will lead to short-term strains in the workforce and supply chains. Positive outlook for GDP, Chinese yuanDespite shorter-term concerns for China's reopening, economists have a rosy outlook for China's growth in the long run. "Improved growth expectations in 2023 might outweigh unfavorable factors such as deterioration in goods and services trade balances," the Goldman Sachs note said. International travel to resumeThe economists at Goldman Sachs said the latest measures will likely benefit the surrounding region's growth as travel normalizes. Travelers with luggage's inside Terminal 1 at the Hong Kong International Airport on December 20, 2022 in Hong Kong, China.

☆ China Jan-Nov industrial profits fall 3.6% vs Jan-Oct 3% fall
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 27 (Reuters) - Profits at China's industrial firms in January-November fell 3.6% from a year earlier, after contracting 3.0% in the first 10 months, according to data the National Bureau of Statistics (NBS) released on Tuesday. The world's second-largest economy faces headwinds from multiple directions. COVID-19 infections are surging after an abrupt relaxation of harsh restrictions, hitting businesses and consumers, while a weakening global economy is hurting Chinese exports. Industrial profit data covers large firms with annual revenue above 20 million yuan ($2.87 million) from their main operations. ($1 = 6.9792 Chinese yuan renminbi)Reporting by Ellen Zhang and Ryan Woo; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China adds billions to its 2021 GDP estimate, but its economy is facing a big test this year
▼ + stars: | 2022-12-27 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —China’s gross domestic product (GDP) for 2021 was over half a trillion yuan more than initially calculated, official data revealed Tuesday. The update comes at a time the world’s second-largest economy faces severe strain from an unprecedented wave of Covid infections sweeping the country. The new data from China’s National Bureau of Statistics (NBS) shows the nation’s economy grew 8.4% in 2021 from a year earlier, higher than the 8.1% initially reported. Per the revised figures, China’s GDP reached 114.92 trillion yuan ($16.52 trillion) last year, up 556.7 billion yuan ($80 billion) from the previous estimate. Revisions to initial estimates of GDP are common in many economies, mainly because of the large amount of information used in data construction.

Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Industrial profits could fall further in December with many cities facing a surge in COVID infections, said Hao Zhou, chief economist at GTJAI. For January-November, profits at private-sector firms shrank 7.9%, a slight improvement from the 8.1% fall in the first 10 months. China's economic growth was just 3% in the first three quarters of this year and is expected to stay around that rate for the full year, one of its worst years in almost half a century. Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations.

☆ China Jan-Nov industrial profit data shows deepening slump
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Business confidence in China has fallen to its lowest level since January 2013, a survey showed last week, reflecting the impact of surging COVID cases on economic activity. At this year's closed-door Central Economic Work Conference, top leaders and policymakers pledged to step up policy adjustments to support the slowing economy. Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations. ($1 = 6.9601 Chinese yuan renminbi)Reporting by Joe Cash and Ellen Zhang; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Nike stock jumps 10% after earnings and revenue top expectations
▼ + stars: | 2022-12-20 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +3 min

People walk past a store of the sporting goods retailer Nike Inc. at a shopping complex in Beijing, China March 25, 2021. Nike on Tuesday reported quarterly results that easily topped Wall Street's expectations, even as higher costs squeezed the company's margins. Nike reported revenue of $13.32 billion, up 17% from $11.36 billion a year earlier. Inventories were up 43% to $9.3 billion in the quarter, compared to last year. Nike Direct sales were up 16% for the quarter at $5.4 billion and digital sales were up 25%.

☆ China's COVID surge hits Beijing trading floors, Shanghai finance hub
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 19 (Reuters) - COVID-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales. Internal surveys by several big asset managers and banks suggest more than half of their employees in Beijing, the epicentre of the virus surge, have tested positive. Stock trading volume also eased last week. DISRUPTIONThe pandemic also has an impact on initial public offerings (IPOs), with the China Securities Regulatory Commission calling off a weekly meeting vetting them last week. To be sure, years of strict COVID rules have left a lot of businesses well placed to handle disruption.

[1/5] People wait to purchase medicine at a pharmacy, amid the coronavirus disease (COVID-19) outbreak, in Beijing, China December 16, 2022. REUTERS/Xiaoyu YinBEIJING/SHANGHAI, Dec 17 (Reuters) - Funeral homes across China's COVID-hit capital Beijing, a city of 22 million, scrambled on Saturday to keep up with calls for funeral and cremation services as workers and drivers testing positive for the novel coronavirus called in sick. In Beijing, which has yet to report any COVID deaths since the policies changed on Dec. 7, sick workers have hit the staffing of services from restaurants and courier firms to its roughly one dozen funeral parlours. "We've fewer cars and workers now," a staffer at Miyun Funeral Home told Reuters, adding that there was a mounting backlog of demand for cremation services. China's health authority last reported COVID deaths on Dec. 3, in Shandong and Sichuan provinces.

☆ Nigerian inflation rate climbs for 10th straight month in Nov
▼ + stars: | 2022-12-15 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +1 min

REUTERS/Afolabi SotundeABUJA, Dec 15 (Reuters) - Annual inflation in Nigeria climbed to 21.47% in November from October's rate of 21.09%, accelerating for the 10th straight month as food prices surged, the statistics bureau said on Thursday. A separate food price index showed inflation at 24.13% in November, compared with 23.72% in October, as Africa's most populous nation continues to struggle with rising prices for staples. "The rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, ... and fish," the NBS said in a report. The government expects inflation to remain in double digits, averaging 17.16% next year. Virag Forizs, emerging markets economist at Capital Economics, said November inflation data was stronger than expected, meaning prices could rise further.

Analysts expect sentiment to recover gradually next year, as the relaxation of COVID restrictions and property support policies take effect. Property investment fell the fastest since the statistics bureau began compiling data in 2000, down 19.9% on year in November after a 16% slump in October, the NBS said in a statement. Beike's Liu predicted housing demand will be gradually released in 2023 as consumer sentiment will improve with a progress in housing delivery. Although markets cheered the easing policies, which are expected to boost economic growth in the long term, some analysts say fragile overall demand will keep the property sector's recovery gradual. "Considering the challenging demographic trend, and policymakers' long-held stance that 'housing is for living in, not for speculation', we maintain our view that the property sector recovery should be gradual and bumpy," Goldman Sachs analysts said in a note.

It marked the slowest growth since May when Shanghai was under lockdown, partly due to disruptions in key manufacturing hubs Guangzhou and Zhengzhou. Retail sales fell 5.9% amid broad-based weakness in the services sector, also the biggest contraction since May. "The weak activity data suggest that the policy needs to be eased further to revive the growth momentum," said Hao Zhou, chief economist at GTJAI. "The increased size of the MLF rollover this morning is in line with the overall easing policy tones. That would hit businesses and consumers, while a weakening global economy hurts Chinese exports.

☆ China's November new home prices fall for fourth month
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies China's new home prices slump 1.6% y/y in NovChina's new home prices fall 0.2% m/m in NovBEIJING, Dec 15 (Reuters) - China's new home prices fell for a fourth month in November in monthly terms, weighed by a sluggish economy and a still-ailing property sector, official data showed on Thursday, but recent favourable policies and a relaxation in COVID curbs have burnished the outlook. New home prices in November fell 0.2% month-on-month after a 0.3% slide in October, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices dropped 1.6% year-on-year, falling for the seventh straight month. Prices slid 1.6% year-on-year in October. China has rolled out a flurry of measures to support its embattled property sector, which has been squeezed by a liquidity crunch.

☆ China's retail sales shrink far more than expected, while industrial production disappoints
▼ + stars: | 2022-12-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China reported economic data Thursday that missed expectations across the board during a month in which widespread Covid controls weighed on growth. Retail sales fell by 5.9% in November from a year ago, the National Bureau of Statistics said. Industrial production grew by 2.2% in November from a year ago, missing Reuters' forecast for a 3.6% increase. The reported pace was also slower than the 5% increase in October. Fixed asset investment for the year through November slowed to 5.3% year-on-year growth, missing Reuters' expectations for a 5.6% increase.

☆ China's economy faltered before major Covid policy shift, retail sales and unemployment data show
▼ + stars: | 2022-12-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Retail sales declined 5.9% in November from a year ago, according to the National Bureau of Statistics. It was the worst contraction in retail spending since May, when widespread Covid lockdowns, including in the country’s richest city Shanghai, pummeled the economy. Property sales by value plummeted by more than 26%. Last week, customs data showed the country’s exports contracted 8.7% in November from a year ago, the worst performance since February 2020. China’s economy has been battered by its stringent zero-Covid policy and persistent property woes this year.

☆ Saudi Arabia's GDP grows 8.8% year-on-year in Q3 -statistics authority
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 11 (Reuters) - Saudi Arabia's economy grew by 8.8% in the third quarter of 2022 compared to the same period a year earlier, mainly due to a sharp increase in oil-related activity, according to official estimates released on Sunday. Oil activities grew by 14.2% year-on-year in the third quarter, but GDP growth was also boosted by 6% growth in non-oil activities, the General Authority of Statistics data showed, though non-oil activity fell 0.5% quarter-on-quarter. The statistics authority said GDP at current prices amounted to 1.036 trillion riyals ($275.53 billion) in the third quarter, with crude petroleum and natural gas activities contributing 35.2%. The non-oil private sector contributed 50.7% to overall GDP. ($1 = 3.7600 riyals)Reporting by Rachna Uppal; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ China's November producer prices fall for second month
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

Summary PPI falls for a second monthNov PPI -1.3% y/y vs -1.3% y/y in OctoberNov CPI +1.6% y/y vs +2.1% y/y in OctoberBEIJING, Dec 9 (Reuters) - China's factory-gate prices showed an annual fall for a second month in November while consumer inflation slowed, indicating weak economic activity and soft demand. The November consumer price index (CPI) climbed 1.6% from a year earlier, slowing from the 2.1% annual rise seen in October and in line with a Reuters poll. China's central bank has said it expects consumer inflation to remain moderate next year. read moreThe producer price deflation and milder consumer price inflation of November accompanied record COVID-19 infections and related curbs that disrupted production and curbed mobility. read moreThe International Monetary Fund said last week that further calibrating China's COVID strategy would be critical to sustaining and balancing the nation's economic recovery.

☆ Tesla's struggles in China and Europe may be a preview of the pain coming for Elon in the US
▼ + stars: | 2022-12-09 | by ( Asia Martin | ) www.businessinsider.com time to read: +6 min

Reaching those numbers required cuts of up to 9% of the Model 3 and Model Y sale prices. Strong competition in China and EuropeMusk's auto company faces similar battles in Europe, the second-biggest EV market, behind China. Globally, Tesla's Model Y led the market last quarter, making up 7.5% of EV sales, Counterpoint reported. Competition is chipping away at Tesla's market share in the US, too. S&P Global Mobility predicts Tesla's market share will drop to 20% by 2025.

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