China: Industrial production starts the year on a weak footing
March 12, 2016
In the January-February period, industrial production expanded 5.4% over the same month of last year. The print came in below December’s 5.9% increase and undershot the 5.6% expansion that market analysts had expected. Authorities usually report the January and February data together in order to smooth out distortions related to the Chinese New Year holidays. The print mainly reflected a softer expansion in manufacturing output. Conversely, growth in electricity, gas and water supply rebounded, while dynamics in mining accelerated in the same period.
On a monthly basis, industrial production expanded 0.38% in seasonally-adjusted terms in February, which was slightly down from the 0.43% increase tallied in January. As a result of the weak growth observed at the beginning of the year, the trend continues to point downward; annual average growth in industrial production ticked down from December’s 6.1% to 5.9% in February, which marks the lowest reading since 1991.