Putting some numbers to the economic damage done to Shanghai:
- Industry output dropped by 61.5% y/y (monthly decline was the most since at least 2011), as compared to the 7.5% y/y drop posted back in March
- Retail sales plunged by 48.3% (largest decline since at least 2011 as well), much steeper than the national drop of 11.1%
- Year-to-date property sales fell by 17% (April alone saw sales fall by 88%), as compared to the 4% growth posted in the first three months of the year
Those are some rough-looking numbers to say the least.
