China Industry August 2022

China

China: Industrial output notches quickest growth since March in August

September 16, 2022

Industrial output increased 4.2% compared to the same month of the previous year in August, which was above July's 3.8% increase. The figure marked the best reading since March and beat market expectations. August's upturn was primarily due to faster growth in manufacturing and energy output. Energy output in particular was likely boosted by strong power demand for cooling, as the country suffered from the worst heatwave in decades. Moreover, manufacturing gained steam despite some factory closures during the month as a result of power shortages. In contrast, mining growth eased.

On a monthly basis, factory output increased 0.3% in seasonally-adjusted terms in August, which was below July’s 0.4% expansion. Meanwhile, annual average industrial production growth fell to 3.5% in August (July: +3.7%).

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.6% in 2022, which is unchanged from the previous month’s forecast. In 2023, the panel sees industrial production growth at 5.2%.


Author:, Economist

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China Industry August 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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