China Industry June 2020

China

China: Industrial output grows at quickest pace in six months in June

July 16, 2020

Industrial output grew 4.8% year-on-year in June (May: +4.4% yoy). June's result marked the strongest rise since December 2019 and was in line with the estimate that market analysts had expected.

Looking at the details of the release, manufacturing output weakened in June, while energy output gathered steam. Meanwhile, growth in mining and quarrying production also increased.

On a seasonally-adjusted monthly basis, industrial production rose at a more moderate pace of 1.3% in June (May: +1.5% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.5%, down from May's 1.6%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 1.6% in 2020, which is down 0.1 percentage points from the previous month’s forecast. In 2021, the panel sees industrial production growth at 7.1%..


Author: Ricard Torné, Head of Data Analysis

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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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