Industry China August 2022

Industrial output rose 4.2% from the same month a year earlier in August, higher than July’s 3.8% increase. This number represents the best reading since March and exceeds market expectations. August’s rebound was primarily a result of faster growth in manufacturing and energy production. Energy production in particular was likely boosted by strong energy demand for cooling, as the country suffered its worst heat wave in decades. Moreover, manufacturing gained strength even though some factories were closed during the month as a result of power shortages. In contrast, mining growth slowed.

On a monthly basis, factory production rose 0.3% on a seasonally adjusted basis in August, which was lower than July’s 0.4% expansion. Meanwhile, average annual industrial production growth fell to 3.5% in August (July: +3.7%).

FocusEconomics Consensus respondents expect industrial production to rise 4.6% in 2022, unchanged from the previous month’s forecast. In 2023, the committee sees industrial production growing at 5.2%.

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