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China Industry July 2022

China: Industrial output growth slows in July

Industrial output expanded 3.8% year on year in July (June: +3.9% yoy), below market expectations. July’s deterioration was primarily due to decelerating manufacturing and mining and quarrying production growth. In contrast, energy supply growth almost tripled in July from June, as a severe heatwave boosted power demand for cooling.

On a monthly basis, industrial output increased 0.4% in seasonally-adjusted terms in July, which was below June’s 0.8% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.7% in July, down from June’s 4.1%.

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