China Industry May 2022


China: Industrial output bounces back in May

June 15, 2022

Industrial output rose 0.7% compared to the same month of the previous year in May, which contrasted April's 2.9% decrease. The notable improvement was largely driven by a rebound in manufacturing output, as some of the factories forced to close in April due to Covid-19 were able to resume production during May. In contrast, energy output decelerated.

On a seasonally-adjusted monthly basis, factory output rose 5.6% in May (April: -5.8% mom), the best result since March 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 4.1%, down from April's 4.8% reading.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.9% in 2022, which is up 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees industrial production growth at 5.0%.

Author:, Economist

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China Industry Chart

China Industry May 2022

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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