China: Industrial production accelerates slightly in November
December 11, 2010
In November, industrial production expanded 13.3% over the same month last year. The reading came in slightly above both the previous month's 13.1% expansion as well as market expectations, which had seen industrial production expanding 13.0%. The slight acceleration was the result of faster growth in heavy industries, which expanded 13.6% year-on-year (October: +13.2% year-on-year). On the other hand, production in light industries slowed somewhat in November to a 12.7% rise, following a 12.9% increase in October. In addition, output in state-owned enterprises remains buoyant, growing 10.9% in November (October: +10.6% yoy). As a result of the November reading, annual average growth in industrial production continued to weaken, falling from 16.6% in October to 16.1%, further approaching the Consensus Forecast of a 15.1% growth this year. For 2011, the panel expects industrial production growth to moderate to 13.7%.