China: Industrial production growth inches up in May
June 13, 2014
In May, industrial production expanded 8.8% over the same month last year, which was a tad above the 8.7% increase recorded in the previous month. The print, however, was in line with market expectations. The slight acceleration mainly reflected stronger growth in the electricity, gas and water supply category and, to a lesser extent, in manufacturing output. Conversely, growth in the mining sector slowed down in May.
On a monthly basis, industrial production expanded 0.71% in seasonally-adjusted terms in May, which was just barely up from the 0.70% increase tallied in April. As a result of the virtually stable annual growth, the trend was steady in May; annual average growth in industrial production remained at the previous month’s 9.4%, which had represented the lowest level since October 2009.