China: Industrial production growth firms up in January-February
Industrial production grew 7.2% year-on-year in the January-February period, up from a 6.2% rise registered in December, and beating market expectations of a 6.1% expansion. The National Bureau of Statistics of China releases combined data for the first two months of the year in order to smooth out distortions caused by the timing of the week-long Lunar New Year celebrations.
The January-February figure was cemented by accelerating growth in electricity, gas and water supply as well as in manufacturing output. Moreover, the mining sector returned to growth in the same period.
On a monthly basis, industrial production expanded 0.57% in seasonally-adjusted terms in February, matching January’s result. The trend pointed upward in February, with annual average growth in industrial production inching up from 6.6% in January to 6.7% in February.