China: Industrial production grows at slowest pace in a year
November 9, 2011
In October, industrial production climbed 13.2% over the same month last year, which was below the 13.8% expansion recorded the previous month. The October print, which undershot market expectations that had industrial output moderating to 13.4%, represented the lowest rate in 12 months. Industrial production in October was mainly driven by heavy industries, particularly the production of cement and steal. Seasonally adjusted data partially corroborate the deterioration suggested by the annual figures, with industrial production expanding 0.90% over the previous month, which came in below September's 1.16%. Given the subdued October print, annual average growth in industrial production remained stable at 13.8% for the fifth consecutive month.