Japan Industrial production May 2020


Japan: Industrial activity falls at softer pace in May

June 30, 2020

Industrial production dropped 8.4% month-on-month in seasonally-adjusted terms in May (April: -9.8% mom), according to a first estimate. This latest fall was in large part due to a decrease in motor vehicle production.

On an annual basis, factory output fell at a quicker rate of 25.9% in May (April: -15.0% yoy), the worst result since May 2009. Moreover, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.8% in May, down from April's minus 4.9%.

FocusEconomics panelists see industrial production decreasing 9.0% in 2020, which is down 0.3 percentage points over the previous month’s projection. In 2021, the panel sees industrial production recovering 4.8%.

Author:, Economist

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Japan Industrial production Chart

Japan Industry May 20 20

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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