Japan Industry November 2017


Japan: Growth in industrial production accelerates in November

December 28, 2017

Industrial production rose 0.6% in November compared to the previous month in seasonally-adjusted terms, up from October’s 0.5% increase. The print overshot the 0.5% expansion that market analysts had expected.

The categories that mainly contributed to the monthly increase were general-purpose, production and business oriented machinery, electronic parts and devices and petroleum and coal products, in that order. Conversely, chemicals (excluding drugs) and plastic products had a negative contribution to November’s reading.

On an annual basis, industrial output rose 3.7% in November, coming in below October’s 5.9% increase. Annual average growth in industrial production inched down from October’s 4.6% to 4.5% in November.

The Survey of Production Forecast showed that manufacturers are becoming more pessimistic. They now expect industrial output to have recorded a 3.4% monthly increase in December, down from the 3.5% increase forecast in the previous month’s survey. Manufacturers, expect a 4.5% contraction in January.

FocusEconomics Consensus Forecast panelists see industrial production rising 2.7% in 2018, which is up 0.1 percentage points over the previous month’s projection. For 2019 the panel expects industrial production to expand 2.2%.

Author: Ricard Torné, Lead Economist

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Japan Industry Chart

Japan Industry November 2017

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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