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Japan: Industrial production rebounds in April

May 29, 2015

In April, industrial production expanded 1.0% over the previous month in seasonally-adjusted terms, which contrasted the revised 0.8% drop recorded in March (previously reported: -0.3% month-on-month). April’s print represented the first increase in output in three months and was in line with market analysts’ expectations.

According to the Ministry of Economy, Trade and Industry, the categories that made the greatest contributions to the monthly expansion were electronic parts and devices, electrical machinery and fabricated metals. Meanwhile, the government maintained its basic assessment of industrial production, stating that output is, “showing signs of increase at a moderate pace.”

On an annual basis, industrial output fell 0.1% in April, which followed the 1.7% decrease tallied in the previous month. Annual average growth in industrial production fell from minus 0.5% in March to minus 0.8% in April, thereby reaching a 17-month low.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a month-on-month 0.5% expansion in May, which contrasted the 0.3% drop that was forecast in the previous month’s survey. Manufacturers expect a 0.5% drop in June.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.4% in 2015, which is up 0.4 percentage points over the previous month’s projection. In 2016, the panel expects industrial production to rise 2.5%.


Author: Ricard Torné, Head of Economic Research

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Japan Industry April 2015 0

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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