China: Industrial production accelerates in August to highest level in over a year
September 10, 2013
Industrial production rose 10.4% over the same month last year in August, marking an acceleration compared to July's 9.7% increase. This was the strongest expansion recorded since March 2012. The increase overshot market expectations of a 9.9% rise and was mainly driven by robust growth in the production and distribution of electricity, gas and water, as well as in manufacturing output.
Seasonally-adjusted data show that industrial production expanded 0.93% compared to the previous month, which is up from the 0.91% rise tallied in July. The trend improved, with annual average growth in industrial production increasing from 9.5% in July to 9.6% in August.
For 2013, FocusEconomics Consensus Forecast panelists expect industrial production to grow 9.6%, which is up 0.1 percentage points from last month's projection. In 2014, the panel sees industrial production growth inching up to 9.7%.