Japan Industry April 2017


Japan: Industrial production soars in April

May 31, 2017

Industrial production in Japan rose 4.0% in April compared to the previous month in seasonally-adjusted terms, contrasting March’s 1.9% decrease. April’s mark undershot analysts’ expectations of a 4.2% expansion but represented a nearly six-year high.

According to the Ministry of Economy, Trade and Industry, April’s expansion in industrial production was driven by transport equipment, general-purpose, production and business oriented machinery as well as electronic parts and devices, in that order. On the other hand, the information and communication electronics equipment, pulp, paper and paper products, petroleum and coal products categories subtracted from growth.

On an annual basis, industrial output rose 5.7% in April, coming in above March’s 3.5% increase and marking an over three-year high. Annual average growth in industrial production ticked up from 1.1% in March to 1.9% in April.

The Survey of Production Forecast showed that manufacturers are becoming more optimistic. They now expect industrial output to have recorded a 2.5% monthly decrease in May, above the 3.7% drop forecast in the previous month’s survey. Manufacturers expect a 3.7% decline in June.

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 April 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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