China Industry May 2018


China: Manufacturing activities drag on industrial production growth in May

June 14, 2018

Industrial production expanded 6.8% annually in May, decelerating from the 7.0% rise recorded in April and undershooting market expectations of a 7.0% increase.

Manufacturing activities led the slowdown in May. Conversely, the mining sector rebounded in annual terms in May and expanded at the fastest pace since March 2016, while electricity generation growth accelerated to a nearly five-year high. Importantly, growth in new economic drivers (mostly high-tech) continued to expand vigorously in May, suggesting that China is slowly moving up the manufacturing value chain.

On a month-on-month basis, industrial production expanded 0.58% in seasonally-adjusted terms in May, coming in below April’s 0.61% rise. Annual average growth in industrial production steadied at April’s 6.6% in May.

FocusEconomics Consensus Forecast participants expect industrial production to rise 6.4% in 2018, which is up 0.2 percentage points from last month’s forecast. In 2019, the panel sees industrial production growth decelerating to 6.1%.


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China Industry Chart

China Industry May 2018 0

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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