China Industry September 2020

China

China: Industrial output growth accelerates in September

October 19, 2020

Industrial output grew 6.9% compared to the same month of the previous year in September, which was above August’s 5.6% increase. The reading marked the best result since December 2019 and exceeded the 5.8% increase that market analysts had expected.

Looking at the details of the release, manufacturing output accelerated markedly in September, while mining output posted a smaller increase. Growth in the energy sector softened in the same month.

On a monthly basis, factory output grew 1.18% in seasonally-adjusted terms in September, a notch above the 1.03% rise in August. Meanwhile, the trend improved slightly, with the annual average growth of industrial production coming in at 1.7%, up from August’s 1.6% reading.

FocusEconomics Consensus Forecast participants expect industrial production to rise 7.7% in 2021, which is up 0.2 percentage points from the previous month’s forecast. In 2022, the panel sees industrial production growth at 4.9%.


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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