Japan Industrial production February 2021


Japan: Industrial activity falls at sharpest rate since May 2020 in February

March 31, 2021

Industrial production declined 2.1% month-on-month in seasonally-adjusted terms in February (January: +4.3% mom). The outturn marked the worst reading since May 2020.

On an annual basis, factory output fell at a softer pace of 2.6% in February (January: -5.2% yoy). However, the trend improved, with the annual average variation of industrial production coming in at minus 10.1%, up from January's minus 10.3%.

FocusEconomics panelists see industrial production expanding 7.3% in 2021, which is up 1.0 percentage points over the previous month’s projection, and 4.3% in 2022.

Author:, Economist

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Japan Industrial production Chart

Japan Industry February 2021

Note: Month-on-month changes of seasonally-adjusted industrial production and year-on-year growth rate in %.
Source: Ministry of Economy, Trade and Industry (METI) and FocusEconomics calculations.

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