China Industry July 2022

China

China: Industrial output growth slows in July

August 15, 2022

Industrial output expanded 3.8% year on year in July (June: +3.9% yoy), below market expectations. July's deterioration was primarily due to decelerating manufacturing and mining and quarrying production growth. In contrast, energy supply growth almost tripled in July from June, as a severe heatwave boosted power demand for cooling.

On a monthly basis, industrial output increased 0.4% in seasonally-adjusted terms in July, which was below June’s 0.8% expansion. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 3.7% in July, down from June's 4.1%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.6% in 2022, which is unchanged from the previous month’s forecast. In 2023, the panel sees industrial production growth at 5.1%.


Author:, Economist

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China Industry July 2022

Note: Year-on-year variation of industrial production index and annual average growth rate in %. Owing to seasonal factors related to the Lunar New Year, annual figures in January and February are reported together.
Source: National Bureau of Statistics of China (NBS) and FocusEconomics calculations.


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