Profits at China's industrial firms fell 4% in 2022 from a year earlier, official data showed on Tuesday, squeezed by the impact of strict COVID-19 curbs, but an expected economic recovery this year is likely to revive the sector's sales and earnings.
The percentage decline for the full year was deeper than the 3.6% fall recorded in the first 11 months, the National Bureau of Statistics data showed, indicating a poor end to the year.Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle.
In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations.in December was 1.3% higher than in the same month a year earlier, versus 2.2% gain in November.
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