China: Industrial production growth moderates sharply in April
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.