China Industry February 2021

China

China: Industrial output surges in January–February, propelled by manufacturing sector

March 16, 2021

Industrial production rose 35.1% year-on-year in January–February (December: +7.3% yoy). Looking at the details of the release, the manufacturing sector—in particular high-tech manufacturing—drove the reading. Production was also aided by a supportive base effect, and by the fact that many migrant workers did not return to their home towns during the Lunar New Year celebrations, reducing disruption to factory output.

On a seasonally-adjusted monthly basis, factory output rose 0.7% in February (January: +0.7% mom). Meanwhile, annual average industrial production growth rose to 10.1% in February.

FocusEconomics Consensus Forecast participants expect industrial production to rise 8.5% 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 February 2021 0

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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