China Industry

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China: Industrial production slows in July

August 13, 2014

In July, industrial production expanded 9.0% over the same month last year, which was slightly below the 9.2% increase recorded in the previous month. The increase undershot the 9.2% expansion that market analysts had expected. The deceleration mainly reflected weaker growth in the mining sector and in the electricity, gas and water supply category. Conversely, growth in manufacturing output accelerated to a seven-month high in July.

On a monthly basis, industrial production expanded 0.68% in seasonally-adjusted terms in July, which was just down from the 0.77% increase tallied in June. Despite the slight slowdown, the trend was steady in July; annual average growth in industrial production remained at the previous month’s 9.4%, which is the lowest level that has been recorded since October 2009.

For 2014, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.2%, which is unchanged from last month’s projection. In 2015, the panel sees industrial production growth inching down to 8.8%.


Author: Ricard Torné, Head of Economic Research

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China Industry July 2014

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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