China Industry March 2022


China: Industrial output growth eases in March

April 18, 2022

Industrial output increased 5.0% year-on-year in March (January–February: +7.5% yoy), above market expectations. March's figure was largely due to a deterioration in manufacturing output growth. In addition, energy production decelerated. In contrast, mining production accelerated.

On a seasonally-adjusted monthly basis, industrial output rose at a softer pace of 0.4% in March (February: +0.5% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 6.0% in March, down from February's 6.8% reading.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.8% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees industrial production growth at 4.9%.

Author:, Economist

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China Industry Chart

China Industry March 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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