An analysis of China’s May economic activities by UBS Evidence Lab suggests that May growth is higher than the estimates for April for industrial production, consumption ex-auto, and property sales.

UBS predicts that given the strength of April and May signals, Q2 economic growth will be higher than Q1, and above consensus expectations. UBS’s current estimates are a bit lower than its initial estimates for consumption, but slightly higher for real estate sales. UBS Evidence Lab Macro team uses high-frequency data gathered bottom-up from different segments of the economy in its analysis.