China Industry April 2022

China

China: Industrial output records largest decline in over two years in April

May 16, 2022

Industrial output declined 2.9% compared to the same month of the previous year in April, which contrasted March's 5.0% increase and contrasted market expectations of an increase. April's outturn marked the worst reading since February 2020. The result came on the back of a contraction in manufacturing production, as many factories were forced to temporarily close or reduce output due to Covid-19 curbs. Such curbs are likely to continue hindering manufacturing output in May. In addition, mining and quarrying production lost pace.

On a seasonally-adjusted monthly basis, factory output plunged 7.1% in April (March: +0.4% mom), the worst result since February 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 4.8% in April, down from March's 6.0%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.8% in 2022, which is unchanged 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 April 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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