China Industry


Industrial production growth inches down in April

In April, industrial production expanded 8.7% over the same month last year, which was a tad below the 8.8% increase recorded in the previous month. In addition, the print undershot the 8.9% rise that market analysts had expected. The slight slowdown mainly reflected weaker growth in the electricity, gas and water supply category and, to a lesser extent, in manufacturing output. Conversely, growth in the mining sector accelerated in April.

On a monthly basis, industrial production expanded 0.82% in seasonally-adjusted terms in April, which was up from the 0.80% increase tallied in March. Nevertheless, the trend moved downward in April; annual average growth in industrial production inched down from 9.5% in March to 9.4%, thus recording the lowest level since October 2009.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.2%, which is down 0.1 percentage points from last month's projection. In 2015, the panel sees industrial production growth edging down to 9.1%.

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China Industry Chart

China Industry March 2014

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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