China Industry September 2021

China

China: Industrial output records lowest growth since March 2020 in September

October 18, 2021

Industrial output grew 3.1% compared to the same month of the previous year in September, which followed August's 5.3% increase. September's result marked the worst reading since March 2020. Looking at the details of the release, manufacturing production softened in September amid power shortages and government restrictions on heavy industry, while energy output accelerated.

On a monthly basis, factory output recorded 0.1% growth in seasonally-adjusted terms in September, which was below August’s 0.3% expansion and marked the worst result since February 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 12.3% in September, down from August's 12.6%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 5.2% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees industrial production growth at 5.3%.


Author:, Economist

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China Industry September 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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