Japan Industry March 2018


Japan: Industrial production expands for second consecutive month in March

April 27, 2018

In March, industrial production rose 1.2% on a month-on-month and seasonally-adjusted basis, following the 2.0% increase in February. March’s print, which represented the second expansion in a row, came in above analysts’ expectations of a 0.5% increase.

The categories that mainly contributed to the month-on-month increase were electronic parts and devices; chemicals (excluding drugs); and transport equipment, in that order.

On an annual basis, industrial output grew 2.2% in March, accelerating from February’s 1.6% increase. Annual average growth in industrial production ticked down from 4.2% in February to 4.1% in March.

The Survey of Production Forecast showed that manufacturers are feeling more pessimistic. They expected industrial production to have expanded 3.1% in April, down from the 4.0% rise forecast in the previous survey. Furthermore, manufacturers expect industrial output to fall 1.6% in May.

FocusEconomics Consensus Forecast panelists see industrial production rising 2.8% in 2018, which is down 0.2 percentage points from last month’s projection. For 2019 the panel expects industrial production to expand 2.2%.


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Japan Industry Chart

Japan Industry March 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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