China Industry


China: Industrial production slows to three-month low in July

August 12, 2015

In July, industrial production expanded 6.0% over the same month last year, which was below June’s 6.8% increase. The print undershot the 6.6% expansion that market analysts had expected and represented a three-month low. July’s deceleration mainly reflected a contraction in electricity, gas and water supply and weaker growth in manufacturing output. Conversely, the mining category accelerated to a one-year-high in the same month.

On a monthly basis, industrial production in July expanded 0.32% in seasonally-adjusted terms, which nearly halved the 0.62% increase tallied in June. 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 June’s 7.1% to 6.8% in July, which marked the lowest reading since 1990.

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, Lead Economist

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China Industry Chart

China Industry July 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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