Japan Industry February 2017


Japan: Industrial production rebounds strongly in February

March 31, 2017

Industrial production in Japan rose 2.0% in February compared to the previous month in seasonally-adjusted terms, contrasting January’s 0.4% decrease. February’s mark represented an eight-month high and overshot analysts’ expectations of a 1.2% rise.

According to the Ministry of Economy, Trade and Industry, February’s rise in industrial production was driven by the transport equipment, general-purpose, production and business-oriented machinery and chemicals (excluding drugs) categories, while the electronic parts and devices, plastic products and textiles subsectors subtracted from growth.

On an annual basis, industrial output rose 4.8% in February, coming in above January’s 3.7% increase and marking the highest growth in nearly three years. Annual average growth in industrial production ticked up from 0.4% in January to 0.9% in February.

The Survey of Production Forecast showed that manufacturers are becoming more pessimistic. They now expect industrial output to have recorded a 5.0% monthly decrease in March, below the 2.0% decline forecast in the previous month’s survey. Manufacturers expect a strong 8.3% rise in April.

FocusEconomics Consensus Forecast panelists see industrial production rising 1.8% in 2017, which is up 0.2 percentage points from the previous month’s forecast. For 2018, the panel expects industrial production to expand 1.5%.

Author: Ricard Torné, Lead Economist

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Japan Industry Chart

Japan Industry February 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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