China Industry

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China: Industrial production gains steam in November

December 12, 2015

In November, industrial production expanded 6.2% over the same month last year. The print was above October’s 5.6% increase and overshot the 5.7% expansion that market analysts had expected. November’s acceleration, which marked a five-month high, mainly reflected stronger growth in manufacturing output as well as a rebound in electricity, gas and water supply. Conversely, activity in mining was broadly unchanged in November.

On a monthly basis, industrial production expanded 0.58% in seasonally-adjusted terms, which was above the 0.48% increase tallied in October. As a result of the weak growth observed throughout this year, the trend continues to point downward. Annual average growth in industrial production ticked down from October’s 6.4% to 6.3% in November, which marked the lowest reading in over 25 years.

For 2016, FocusEconomics Consensus Forecast panelists expect industrial production to grow 6.0%, which is unchanged from last month’s projection. In 2017, the panel sees industrial production growth falling to 5.7%.


Author: Ricard Torné, Lead Economist

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China Industry November 2015

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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