Industrial profits climbed 92.3% in March from a year ago, the National Bureau of Statistics said Tuesday, retreating from the dramatic increase of 179% in the first two months of the year, but still outpacing the 20.1% gain in December.
Bloomberg |
PUBLISHED ON APR 27, 2021 10:35 AM IST
Profits at Chinese industrial firms soared in March, supported by a booming economy and rising factory gate prices, as well as statistical distortions from last year’s low base of comparison.
Industrial profits climbed 92.3% in March from a year ago, the National Bureau of Statistics said Tuesday, retreating from the dramatic increase of 179% in the first two months of the year, but still outpacing the 20.1% gain in December.
The statistics bureau said the steady recovery was partly due to faster production and sales, but warned of a number of risks clouding the outlook.
“There are still greater uncertainties in the global epidemic developments and the international environment, and the recovery between industries is still uneven,” Zhu Hong, an economist with the bureau, said in a statement. Rising commodity prices are also pushing up costs for businesses, she said.
The economy posted record growth in the first quarter, with signs of a more balanced recovery underway. Growth in industrial production remained solid in March, though the pace moderated from previous months. Producer prices climbed in the month by the most since July 2018, boding well for profits.
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