China Industry October 2021


China: Industrial output growth improves in October

November 15, 2021

Industrial output rose 3.5% year-on-year in October (September: +3.1% yoy), above market expectations. The reading reflected a broad-based upturn, with activity in the manufacturing, energy and mining and quarrying sub-sectors all improving in October. This was likely the result of the easing of power constraints that had led to factory closures in September.

On a monthly basis, industrial production increased 0.4% in seasonally-adjusted terms in October, which was better than September’s flat reading. Meanwhile, annual average industrial production growth fell to 12.0% in October (September: +12.3%), signaling a worsening trend in the industrial sector.

FocusEconomics Consensus Forecast participants expect industrial production to rise 5.2% in 2022, which is down 0.1 percentage points from the previous month’s forecast. In 2023, the panel sees industrial production growth at 5.3%.

Author:, Economist

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China Industry Chart

China Industry October 2021

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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