China Industry May 2021

China

China: Industrial output records slowest expansion since December 2020 in May

June 16, 2021

Industrial production expanded 8.8% year-on-year in May (April: +9.8% yoy). May's outturn marked the worst reading since December 2020 and missed market expectations, with activity potentially weighed on by surging input prices and port disruptions in Guangdong province. Looking at the details of the release, manufacturing production expanded at a softer pace in May, while energy output gained momentum. Meanwhile, mining and quarrying output growth was steady from the previous month.

On a monthly basis, factory output grew 0.5% in seasonally-adjusted terms in May, matching April’s expansion. Meanwhile, the trend improved, with the annual average growth of industrial production coming in at plus 12.2%, up from April's 11.8%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 9.8% in 2021, which is up 0.2 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 May 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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