China’s industrial production grew by 5.3% year-on-year in October 2024, falling short of expectations for a 5.6% increase and slowing from September’s four-month high of 5.4%.
China industrial output growth below estimates
The moderation was largely driven by a sharp decline in electricity, heat, gas, and water production and supply activities, which grew by just 5.4%, down from 10.1% in September. However, manufacturing output accelerated to 5.4%, up from 5.2%, and mining also saw growth at 4.6%, compared to 3.7% in the previous month.
Manufacturing sectors increased output
Within manufacturing, 35 of 41 major sectors saw increases, with standout performances from computer and communication (10.5%), heat production (5.5%), non-ferrous metal smelting (7.7%), and car production (6.2%). Conversely, output in non-metallic mineral products contracted by 2.6%. For the first ten months of 2024, industrial output was up 5.8%, while monthly output rose by 0.41%, easing from the 0.59% increase in September.
