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