Japan Industry September 2018


Japan: Industrial production contracts in September

October 31, 2018

Industrial production declined 1.1% on a month-on-month and seasonally-adjusted basis in September, contrasting August’s 0.2% increase. The print represented the first contraction in three months and exceeded the 0.3% drop that market analysts had expected.

The categories that drove the month-on-month contraction were transport equipment and general-purpose, production and business oriented machinery. Falling output for these categories was partially offset by increases in electronic chemicals (excluding drugs), fabricated metals and petroleum and coal products.

On an annual basis, industrial output fell 2.9% in September, contrasting the 0.2% increase registered in August. Annual average growth in industrial production ticked down from 2.6% in August to an over one-year low of 2.1% in September.

FocusEconomics Consensus Forecast panelists see industrial production rising 2.3% in 2019, which is up 0.1 percentage points over the previous month’s projection. For 2020 the panel expects industrial production to expand 1.1%.


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Japan Industry Chart

Japan Industry September 2018

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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