China: Industrial output growth gains momentum in November
Industrial output increased 3.8% in year-on-year terms in November, which was above October’s 3.5% increase, amid reduced energy shortages. Looking at the details of the release, manufacturing and mining output growth rose in November, while energy output growth was steady.
On a monthly basis, industrial production increased 0.4% in seasonally-adjusted terms in November, matching October’s expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at plus 11.7%, down from October’s 12.0% reading.
Looking forward, industrial activity will likely be dampened in the near term by the government’s aim to secure clear skies during the February Winter Olympics, which will lead to curbs on factory output. Elevated producer inflation and the emergence of Omicron also threaten to weigh on the sector.