Industry struggles under effects of lockdown

Industrial output in Shanghai nosedived by 61.5 percent in April from a year earlier, the sharpest slump in more than a decade.

Value-added industrial output totaled 128.62 billion yuan (US$19.22 billion) last month, a 61.5 percent year-on-year tumble extending the 7.5 percent drop in March.

This was due to the halt in production of many factories in the city under lockdown.

From January to April, the city achieved retail sales of consumer goods of 509.93 billion yuan, down 14.2 percent compared with the same period last year.

By industry, the wholesale and retail trade posted retail sales of 474.54 billion yuan in January-April, falling 13.4 percent, while the accommodation and catering industry achieved retail sales of 35.38 billion yuan, down 24.0 percent.

The city's fixed asset investment in the first four months declined 11.3 percent over the same period last year.

Among them, the three major investment areas, urban infrastructure investment, industrial investment and real estate development investment, posted slumps of 21.4 percent, 17.7 percent and 10 percent from a year earlier.

Investment in the secondary and tertiary industries, meanwhile, plunged separately by 52.4 percent, 17.6 percent and 10 percent over the same period last year.