China Industry July 2017


China: Industrial production decelerates to five-month low in July

August 14, 2017

In July, industrial production expanded 6.4% over the same month last year, below the 7.6% rise in June and the weaker print since March. July’s result, which undershoot the 7.0% rise that market analysts had expected, reflected slower growth in manufacturing output and a sharper contraction in the mining subcomponent. Conversely, growth in electricity, gas and water supply accelerated in the same month.

On a monthly basis, industrial production expanded 0.41% in seasonally-adjusted terms in July, down from June’s 0.41% increase. The trend now is stable, with the annual average growth in industrial production staying at last month’s 6.5% in July.

For 2017, FocusEconomics Consensus Forecast panelists expect industrial production to grow 6.3%, which is up 0.1 percentage points from last month’s projection. In 2018, the panel sees industrial production growth falling to 5.6%.

Author: Ricard Torné, Lead Economist

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China Industry Chart

China Industry July 2017

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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