China Industrieproduktion

China’s industrial production expanded by 5.3% yoy in October 2024, softer than forecasts of 5.6% and slowing from September’s four-month high of 5.4%. The slowdown came amid a sharp moderation in electricity, heat, gas, and water production and supply activities (5.4% vs 10.1% in September). Meanwhile, output growth accelerated in manufacturing (5.4% vs 5.2%) and mining (4.6% vs 3.7%). Within manufacturing, 35 out of 41 major sectors advanced, notably computer and communication (10.5%); heat production (5.5%); non-ferrous metal smelting (7.7%); coal, mining, and washing (4.5%), oil and natural gas (5.8%); textile (3.8%); chemicals (6.9%), railway, ship, and aviation (4.4%); cars (6.2%), general equipment manufacturing (2.4%). Conversely, output shrank for non-metallic mineral products (-2.6%). For the first ten months of the year, industrial output increased by 5.8%. Monthly, industrial output climbed by 0.41%, easing from the fastest pace in five months in September of 0.59%.