Japan Industry April 2018


Japan: Industrial production growth slows in April

May 31, 2018

Industrial production moderated in April, growing 0.3% on a month-on-month and seasonally-adjusted basis, down from March’s revised 1.4% increase (previously reported: +1.2% month-on-month). April’s performance marked the third consecutive month of expansion but fell short of market expectations of a 1.3% increase.

The categories that contributed most to the month-on-month increase were transport equipment; general-purpose, production and business-oriented machinery; and fabricated metals. Gains were partially countered by slowdowns in the manufacture of electronic parts and devices, electrical machinery, and chemicals.

On an annual basis, industrial output grew 2.5% in April, accelerating slightly from the 2.4% expansion registered in March. Annual average growth in industrial production ticked down from 4.1% in March to 3.8% in April.

The Survey of Production Forecast showed that manufacturers were slightly more optimistic in May. They expected industrial production to have expanded 0.3% in May, contrasting the 1.6% decrease forecast in the previous survey. However, manufacturers expect industrial output to fall 0.8% in June.

FocusEconomics Consensus Forecast panelists see industrial production rising 2.3% in 2018, which is down 0.3 percentage points last month’s projection. For 2019 the panel expects industrial production to expand 2.4%.


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Japan Industry Chart

Japan Industry April 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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