China Industry

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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.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.2%, which is down 0.1 percentage points from last month’s projection. In 2015, the panel sees industrial production growth inching down to 9.0%.


Author: Ricard Torné, Lead Economist

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China Industry May 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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