China: Industrial production grows at fastest pace in more than a year
July 12, 2011
In June, industrial production jumped 15.1% over the same month last year, which represents the fastest growth since May 2010. The expansion came in well above both the previous month's 13.3% growth and contrasted market expectations, which had seen industrial output moderating to a 13.2% increase. Industrial growth in June was mainly led by heavy industries, in particular by non-metal mineral products and general machinery. According to seasonally adjusted month-on-month data, industrial output rose 1.48% in June, which overshot the previous month's 1.10% increase. Owing to the strong June reading, the trend turned positive. Following on more than a year of deterioration, annual average growth in industrial production inched up from its 13.7% bottom in May to 13.8% in June.