China Industry May 2019


China: Industrial production growth falls to multi-year low in May

June 14, 2019

Industrial production increased 5.0% year-on-year in May, below the 5.4% rise registered in April. The print undershot market expectations of a 5.4% increase and represented the weakest expansion since 2002.

The reading reflected a sizeable deceleration in the electricity, heating power, gas, and water sector, while manufacturing output growth declined slightly. Conversely, growth in the mining sector gained steam in the same month.

On a month-on-month basis, industrial production increased 0.36% in seasonally-adjusted terms in May, broadly in line with April’s 0.37% increase. Annual average growth in industrial production, meanwhile, fell from 6.0% in April to 5.9% in May.

May’s weak print reflects headwinds stemming from the ongoing trade war with the United States and subdued global demand.

China Industrial Production Forecast

FocusEconomics Consensus Forecast participants expect industrial production to rise 5.9% in 2019, which is unchanged from the previous month’s forecast. In 2020, the panel sees industrial production growth decelerating to 5.7%.


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China Industry Chart

China Industry May 2019 0

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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