China Industry

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China: Industrial production improves mildly in August

September 13, 2015

In August, industrial production expanded 6.1% over the same month last year. While the print was a notch above July’s 6.0% increase, it largely undershot the 6.5% expansion that market analysts had expected. August’s mild acceleration mainly reflected a rebound in electricity, gas and water supply and faster growth in manufacturing output. Conversely, the mining category decelerated in the same month.

On a monthly basis, industrial production in August expanded 0.53% in seasonally-adjusted terms, which was above the 0.33% increase tallied in July. As a result of the weak growth observed throughout this year, the trend continues to point downward. Annual average growth in industrial production ticked down from July’s 6.8% to 6.7% in August, which marked the lowest reading in over 25 years.

For 2015, FocusEconomics Consensus Forecast panelists expect industrial production to grow 6.7%, which is unchanged from last month’s projection. In 2016, the panel sees industrial production growth declining to 6.5%.


Author: Ricard Torné, Head of Economic Research

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China Industry August 2015

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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