Why am I not seeing anyone back out the implied growth rate from these numbers?
The 13.8% decline in imports was significantly worse than consensus expectations for an 8.2% decline, and will only add to concerns over declining Chinese demand.
Under what required assumptions would this translate into a growth rate of say four percent? Backward-looking? Forward-looking? Or is this just a slow structural shift as the Chinese economy gradually moves into services? Inquiring minds wish to know.
The full report is here.