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China Industrial production May 2023

China: Industrial output growth ebbs in May

Industrial output increased 3.5% year on year in May (April: +5.6% yoy), slightly below market expectations and weighed on by soft goods demand at home and abroad. The reading was largely due to a deterioration in manufacturing production growth and a contraction in mining output.

On a seasonally adjusted monthly basis, industrial output rebounded, rising 0.6% in May (April: -0.3% mom). Meanwhile, annual average industrial production growth rose to 3.6% in May (April: +3.0%).

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