China Industry May 2020


China: Industrial output growth accelerates in May

June 15, 2020

Industrial output grew 4.4% compared to the same month a year earlier in May, which followed April’s 3.9% increase. The print came in below the 5.0% rise that market analysts had expected.

May’s result was driven by much stronger growth in the secondary and tertiary sectors.

On a seasonally-adjusted monthly basis, industrial production rose at a more moderate pace of 1.53% in May (April: +2.20% mom). Meanwhile, annual average industrial production growth inched down to 1.6% in May (April: +1.7%).

FocusEconomics Consensus Forecast participants expect industrial production to rise 1.7% in 2020, which is up 0.6 percentage points from the previous month’s forecast. In 2021, the panel sees industrial production growth at 7.2%.

Author: Ricard Torné, Head of Data Analysis

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China Industry Chart

China Industry May 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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