China Industry


Industrial production gains steam in October

Industrial production expanded 10.3% in October over the same month last year, overshooting the 10.2% increase tallied in September. Market analysts were surprised by the result, as they had expected industrial to slow to a 10.0% increase. The acceleration was driven by stronger growth in manufacturing output. Production and distribution of electricity, gas and water slowed down, as did the mining sector.

On a monthly basis, industrial production expanded 0.86% in seasonally-adjusted terms, which was up from the 0.73% rise tallied in September. The trend continues to improve, with annual average growth in industrial production inching up from 9.7% in September to 9.8% in October, the highest level in eight months.

For 2013, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.6%, which is unchanged from last month's projection. In 2014, the panel sees industrial production growth inching down to 9.5%, which is also unchanged from last month's estimate.

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China Industry Chart

China Industry October 2013

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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