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China: Industrial production recovers slightly in April

May 13, 2015

In April, industrial production expanded 5.9% over the same month last year, which was above March’s multi-year low of a 5.6% increase. That said, the print came in slightly below the 6.0% expansion that market analysts had expected. The print mainly reflected a rebound in the electricity, gas and water supply category as well as an acceleration in mining. Growth in manufacturing output, however, continued to slow in the same month.

On a monthly basis, industrial production expanded 0.57% in seasonally-adjusted terms in April, which was up from the 0.26% increase tallied in March. As a result of the weak growth observed throughout this year, the trend continues to point downward in April. Annual average growth in industrial production ticked down from March’s 7.7% to 7.5% in April, which marked the lowest reading since 1990.

For 2015, FocusEconomics Consensus Forecast panelists expect industrial production to grow 7.3%, which is down 0.6 percentage points from last month’s projection. In 2016, the panel sees industrial production growth declining to 7.1%.


Author: Ricard Torné, Lead Economist

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China Industry April 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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