China Industry December 2020


China: Industrial output grows at fastest pace in over one year in December

January 18, 2021

Industrial production rose 7.3% year-on-year in December (November: +7.0% yoy). The result marked the strongest expansion since March 2019. Looking at the details of the release, manufacturing output was steady in December, while energy output gained momentum. Meanwhile, mining and quarrying production also gained steam.

On a seasonally-adjusted monthly basis, factory output rose at a quicker rate of 1.1% in December (November: +1.0% mom), the best result since June. Meanwhile, annual average industrial production growth rose to 2.0% in December (November: +1.9%).

FocusEconomics Consensus Forecast participants expect industrial production to rise 7.9% in 2021, which is up 0.3 percentage points from the previous month’s forecast. In 2022, the panel sees industrial production growth at 5.2%.

Author:, Economist

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China Industry Chart

China Industry December 20 20

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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