China Industry


Industrial production shows slight recovery in March

In March, industrial production expanded 8.8% over the same month last year, which matched market expectations. The expansion came in a tad above the 8.6% increase tallied in the January-February period (authorities usually report the January and February data together in order to smooth out distortions related to the Chinese New Year holidays), which had represented the lowest reading since April 2009. The acceleration mainly reflected stronger growth in the electricity, gas and water supply category and, to a lesser than extent, in manufacturing output. Conversely, growth in the mining sector decelerated in March.

On a monthly basis, industrial production expanded 0.81% in seasonally-adjusted terms in March, which was up from the 0.61% increase tallied in February. The trend stabilized in March; annual average growth in industrial production remained at the previous month's 9.5%.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.3%, which is unchanged 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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