China: Industrial output growth stabilizes in July
Industrial output grew 4.8% year-on-year in July (June: +4.8% yoy). July’s result was below the 5.2% increase that market analysts had expected.
Looking at the details of the release, manufacturing output strengthened in July, while growth in energy output lost steam and mining and quarrying production posted a contraction.
On a seasonally-adjusted monthly basis, industrial production rose at a more moderate pace of 0.98% in July (June: +1.30% mom). Meanwhile, the trend stabilized, with the annual average growth of industrial production coming in at June’s 1.5% in July.