Japan Industrial production April 2021


Japan: Industrial output growth picks up pace in April

May 31, 2021

Industrial production grew 2.5% month-on-month in seasonally-adjusted terms in April, accelerating from March’s 1.7% increase.

On an annual basis, industrial output surged 15.4% in April, which was notably better than March’s 3.4% expansion and marked the best result since March 2012, helped in part by a low base effect following April 2020’s sharp decline. Accordingly, the trend improved significantly, with the annual average variation of industrial production coming in at minus 7.2% in April, up from March's minus 9.5% reading.

FocusEconomics panelists see industrial production expanding 8.4% in 2021, which is up 1.0 percentage points over the previous month’s projection, and 4.5% in 2022.

Author:, Economist

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Japan Industrial production Chart

Japan Industry April 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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