Industry in Japan

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Industrial production grows in November

Industrial production in Japan expanded 1.5% in November compared to the previous month in seasonally-adjusted terms, above October’s revised 0.0% reading (previously reported: +0.1% month-on-month). November’s figure slightly undershot analysts’ expectations of a 1.6% rise.

According to the Ministry of Economy, Trade and Industry, November’s growth in industrial production was driven by the general-purpose, production and business-oriented machinery, transport equipment and electrical machinery subsectors, while the ceramics, stone and clay products, plastic products and pulp, paper and paper products subsectors subtracted from growth.

On an annual basis, industrial output rose 4.6% in November, contrasting October’s 1.4% fall (previously reported: -1.3% year-on-year) and marking the fastest growth rate since March 2014. Annual average growth in industrial production was minus 0.7% in November, up from the 0.9% decline registered in October.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a 2.0% mom increase in December, contrasting the 0.6% contraction forecast in the previous month’s survey. Manufacturers expect a 2.2% rise in January 2017.

FocusEconomics Consensus Forecast panelists see industrial production rising 1.8% in 2017, which is up 0.2 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.5%.

Japan - Industry Data

2011  2012  2013  2014  2015  
Industrial Production (annual variation in %)-2.6  0.2  -0.6  2.1  -0.9  

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Japan Industry Chart

Japan Industry
Note: Annual variation of industrial production in %.
Source: Ministry of Economy, Trade and Industry and FocusEconomics calculations.

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