China Industry April 2019


China: Industrial production growth moderates sharply in April

May 15, 2019

Industrial production increased 5.4% year-on-year in April, well below the 8.5% rise registered in March. The print undershot market expectations of a 6.5% increase.

The reading reflected sizeable decelerations in the mining and manufacturing sectors. Conversely, growth in the electricity, heating power, gas, and water sector gained steam in the same month.

On a month-on-month basis, industrial production increased 0.37% in seasonally-adjusted terms in April, more than halving the 0.97% increase in March. Annual average growth in industrial production, meanwhile, fell from 6.0% in March to 6.0% in April.

FocusEconomics Consensus Forecast participants expect industrial production to rise 5.9% in 2019, which is unchanged from the previous month’s forecast. In 2020, the panel sees industrial production growth decelerating to 5.7%.

Author: Ricard Torné, Lead Economist

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China Industry Chart

China Industry April 2019

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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