China: Industrial production continues to moderate
September 9, 2011
In August, industrial production climbed 13.5% over the same month last year, which was below both the 14.0% expansion tallied in the previous month and market expectations of a 13.7%, rise. Industrial growth in August was mainly led by heavy industries, particularly the automobile sector, which rebounded from a 1.3% contraction in July, and non-metal mineral products. According to seasonally adjusted month-on-month data, industrial production rose 1.00% in August (July: +0.87% mom), which does not confirm the slowdown suggested by the annual figures. As a result of the more subdued annual reading in August, annual average growth in industrial production remained at 13.8% for the third consecutive month.