China: Industrial output records lowest expansion since December 2020 in June
Industrial production grew 8.3% year-on-year in June (May: +8.8% yoy). June’s outturn marked the worst reading since December 2020. Looking at the details of the release, manufacturing output expanded at a softer pace in June, while energy output gained momentum.
On a monthly basis, factory output grew 0.6% in seasonally-adjusted terms in June, which was better than May’s 0.5% expansion. Meanwhile, the trend improved modestly, with the annual average growth of industrial production coming in at plus 12.5% in June, up from May’s 12.2%.