China Industry April 2021

China

China: Industrial output growth loses pace in April

May 17, 2021

Industrial production increased 9.8% year-on-year in April (March: +14.1% yoy). The slower growth was largely driven by a deterioration in manufacturing output growth. In addition, energy production lost steam.

On a seasonally-adjusted monthly basis, industrial output rose at a softer pace of 0.5% in April (March: +0.6% mom), the worst result since February 2020. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at plus 11.8% in April, up from March's 11.3%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 9.6% in 2021, which is up 0.9 percentage points from the previous month’s forecast. In 2022, the panel sees industrial production growth at 5.3%.


Author:, Economist

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China Industry April 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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