Japan Industry June 2017


Japan: Industrial production rebounds in June

July 31, 2017

Industrial production rose 1.6% in June compared to the previous month in seasonally-adjusted terms, contrasting May’s 3.6% decrease. June’s print was broadly in line with the 1.5% rise that market analysts had expected.

According to the Ministry of Economy, Trade and Industry, June’s rise in industrial production was driven by transport equipment, chemicals (excluding drugs), electrical machinery, in that order.

On an annual basis, industrial output rose 4.9% in June, coming in below May’s 6.5% increase. Annual average growth in industrial production ticked up from 2.4% in May to 3.0% in June, which represented the highest reading since November 2014.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a 0.8% monthly increase in July, contrasting the 0.1% contraction forecast in the previous month’s survey. Manufacturers, expect a stronger 3.6% expansion in August.

FocusEconomics Consensus Forecast panelists see industrial production rising 3.6% in 2017, which is up 0.1 percentage points over the previous month’s projection. For 2018, the panel expects industrial production to expand 1.8%.

Author: Ricard Torné, Lead Economist

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Japan Industry Chart

Japan Industry June 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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