China Industry July 2019


China: Industrial production growth plunges to 17-year low in July

August 14, 2019

Industrial production increased 4.8% year-on-year in July, down from June’s 6.3% expansion. July’s print undershot analysts’ expectations of a 5.8% rise and marked the weakest expansion since February 2002.

The reading reflected slowdowns in output growth in the manufacturing and energy sectors, while production growth in the mining sector was stable.

On a month-on-month basis, industrial production increased 0.19% in seasonally-adjusted terms in July, down from the 0.68% increase in June. Annual average growth in industrial production, meanwhile, edged down to 5.8% in July from June’s 5.9%.

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 July 2019 0

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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