China Industry August 2021


China: Industrial output growth wanes in August

September 17, 2021

Industrial production increased 5.3% year-on-year in August (July: +6.4% yoy). Factors such as flooding, higher raw material costs and anti-pollution curbs likely all weighed on momentum. August's figure was partly driven by a deterioration in manufacturing production and slower energy output growth.

On a monthly basis, industrial production increased 0.3% in seasonally-adjusted terms in August, which matched July’s expansion. Meanwhile, the trend was also stable with average industrial production growth coming in at plus July’s 12.6% in August.

FocusEconomics Consensus Forecast participants expect industrial production to rise 9.9% in 2021, which is unchanged from the previous month’s forecast. In 2022, the panel sees industrial production growth at 5.4%.

Author:, Economist

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China Industry Chart

China Industry August 2021

Note: Year-on-year variation of industrial production index and annual average growth rate in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS) and FocusEconomics calculations.

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