China: Industrial production growth gains steam in April
Industrial production expanded 7.0% annually in April, accelerating from the 6.0% rise recorded in March and surpassing market expectations of a 6.4% increase.
Gains in the headline figure were driven by robust pick-ups in manufacturing output, which grew at the fastest clip in seven months, as well as in electricity generation. Mining production contracted again in April, albeit at the softest pace in ten months.
On a month-on-month basis, industrial production expanded at a ten-month high of 0.61% in seasonally-adjusted terms in April, outpacing the revised 0.35% growth logged in March (previously reported: +0.33% month-on-month). Annual average growth in industrial production edged up to 6.6% in April from 6.5% in March.