China Industry


Industrial production slows at the outset of the year

In the January-February period, industrial production expanded 9.9% over the same period last year. The print came in below both the 10.3% rise tallied in December and the 10.6% increase foreseen by market analysts. The main driver behind the deceleration was weaker growth in light industries, while heavy industries recorded a stronger gain. 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.

Compared to the previous month, industrial production expanded in February a seasonally adjusted 0.79%, which is up from the 0.60% increase tallied in January. Building on the softer growth seen at the outset of the year, the trend continues to point downwards, with annual average growth in industrial production falling from 10.0% in December to 9.8% in February.

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 February 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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