China: Industrial production gains steam in October
November 9, 2013
Industrial production expanded 10.3% in October over the same month last year, overshooting the 10.2% increase tallied in September. Market analysts were surprised by the result, as they had expected industrial to slow to a 10.0% increase. The acceleration was driven by stronger growth in manufacturing output. Production and distribution of electricity, gas and water slowed down, as did the mining sector.
On a monthly basis, industrial production expanded 0.86% in seasonally-adjusted terms, which was up from the 0.73% rise tallied in September. The trend continues to improve, with annual average growth in industrial production inching up from 9.7% in September to 9.8% in October, the highest level in eight months.
For 2013, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.6%, which is unchanged from last month's projection. In 2014, the panel sees industrial production growth inching down to 9.5%, which is also unchanged from last month's estimate.