China’s economy continued to develop in the first two months of the year, with activity in the manufacturing and service sectors growing faster than expected, official figures show.

Industrial production rose in January and February versus Year-ago period up 35.1 percent from 7.3 percent in December and more than the 30 percent increase recorded by economists.

This partly reflects the shorter Lunar New Year holidays this year, which meant factories not as long as were normally closed.

China’s factories have fueled the country’s recovery from the coronavirus, but consumer spending is also growing at a healthy pace.

Retail sales rose 33.8 percent during the reporting period, faster than the forecast 32 percent