Industrial production rose 35.1% year-on-year in January–February (December: +7.3% yoy). Looking at the details of the release, the manufacturing sector—in particular high-tech manufacturing—drove the reading. Production was also aided by a supportive base effect, and by the fact that many migrant workers did not return to their home towns during the Lunar New Year celebrations, reducing disruption to factory output.
On a seasonally-adjusted monthly basis, factory output rose 0.7% in February (January: +0.7% mom). Meanwhile, annual average industrial production growth rose to 10.1% in February.
FocusEconomics Consensus Forecast participants expect industrial production to rise 8.5% in 2021, which is up 0.2 percentage points from the previous month’s forecast. In 2022, the panel sees industrial production growth at 5.3%.