China’s industrial output grew at slower pace in Jul, below market expectations
DATA MACRO
China’s industrial output grew at slower pace in Jul, below market expectations
DATA MACRO

China’s industrial output grew at slower pace in Jul, below market expectations

 

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China’s industrial output grew by 3.7% in July from a year earlier, according to data released by the National Bureau of Statistics (NBS) on Tuesday, slowing from the 4.4% growth in June.

That’s lower than the average estimate of a 4.5% growth expected by analysts at 14 institutions.

In breakdown, the output in the mining industry grew by 1.3% year over year in July, slowing by 0.2 percentage point from the previous month; the output in the manufacturing industry grew by 3.9%, slowing from the previous 4.8% growth, while the output in the utilities sector grew by 4.1%, slwoing by 0.8 percentage point, showed the data.

Among the 41 industries, 23 industries saw output increase in July from a year earlier. In particular, the output in the ferrous metal smelting industry grew by 15.6% in July from a year ago, picking up by 7.8 percentage points from June, and the output in the automobile manufacturing industry grew by 6.2%, slowing by 2.6 percentage points. The output in the pharmaceutical industry fell by 3.5%, falling for the eight straight months.

Due to high base last year, auto production fell by 3.8% in July from a year earlier, weakening by 4.6 percentage points.