China Industry

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China: Growth in industrial production at over-five-year low in August

September 13, 2014

In August, industrial production expanded 6.9% over the same month last year, which was well below the 9.0% increase recorded in the previous month. The increase undershot the 8.8% expansion that market analysts had expected and represented the weakest gain since February 2009. The deceleration mainly reflected lower growth across all the main subcategories, with the electricity, gas and water supply sector recording a drop in August.

On a monthly basis, industrial production expanded 0.20% in seasonally-adjusted terms, which was down from the 0.62% increase tallied in July. As a result of the sharp slowdown observed in August, the trend now points downward; annual average growth in industrial production fell from the previous month’s 9.4% to 9.1%, which is the lowest print that has been recorded since October 2009.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.1%, which is unchanged from last month’s projection. In 2015, the panel sees industrial production growth inching down to 8.8%.


Author: Ricard Torné, Head of Economic Research

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China Industry August 2014

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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