China Industry July 2019


China: Industrial production growth rebounds from May's multi-year low in June

July 15, 2019

Industrial production increased 6.3% year-on-year in June, above both the 5.2% expansion expected by market analysts and the 5.0% rise registered in May. May’s print represented the weakest expansion since 2002.

The reading reflected sizeable accelerations in all sub-categories of the index, with growth in the electricity, heating power, gas, and water sector leading the pack, followed by the mining sector and manufacturing output.

On a month-on-month basis, industrial production increased 0.68% in seasonally-adjusted terms in June, up from the 0.38% increase in May. Annual average growth in industrial production, meanwhile, stabilized at May’s 5.9% in June.

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 June 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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