China Industry

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China: Industrial production growth hits six-month high in June

July 16, 2014

In June, industrial production expanded 9.2% over the same month last year, which was above the 8.8% increase recorded in the previous month. The increase overshot the 9.0% expansion that market analysts had expected and represented the strongest reading so far this year. The acceleration mainly reflected healthy growth in the mining sector and, to a lesser extent, in the electricity, gas and water supply category. Conversely, growth in manufacturing output inched down in June.

On a monthly basis, industrial production expanded 0.77% in seasonally-adjusted terms in June, which was just barely up from the 0.72% increase tallied in May. As a result of the virtually stable annual growth, the trend was steady in June; annual average growth in industrial production remained at the previous month’s 9.4%, which is the lowest level that has been recorded since October 2009.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.2%, which is unchanged from last month’s projection. In 2015, the panel sees industrial production growth inching down to 8.9%.


Author: Ricard Torné, Lead Economist

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China Industry June 2014

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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