China Industry


Industrial production growth moderates to seven-month low in March

In March, industrial production expanded 8.9% over the same month last year, which marks the slowest growth rate recorded since August 2012. The print came in below both the 9.9% rise tallied in the January-February period and the 10.1% increase foreseen by market analysts. The deceleration was the result of weaker growth in both light and heavy industries. The statistical institute reports the first two months of the year together in order to smooth out distortions related to the Lunar New Year holiday.

Seasonally adjusted data showed that industrial production expanded a 0.66% compared to the previous month, which is down from the 0.78% increase tallied in February. Building on the softer growth seen in March, the trend continues to point downwards, with annual average growth in industrial production falling from 9.8% in February to 9.5%.

For 2013, FocusEconomics Consensus Forecast panellists expect industrial production to grow 11.2%, which is unchanged from last month's projection. In 2014, the panel sees industrial production growth falling slightly to 11.0%.

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China Industry Chart

China Industry March 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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