China Industrial Output Growth Lowest Since 2023

China’s industrial production expanded 4.1% yoy in April 2026, slowing from a 5.7% rise in March and below expectations of 5.9%. It was the softest growth in industrial production since July 2023, as fallout from the Iran war dampened momentum in China’s economy. Activity moderated in both mining (3.8% vs 5.7% in March) and manufacturing (4.0% vs 6.0%), while electricity, heat, gas, and water accelerated (5.3% vs 3.5%). Within manufacturing, 29 of 41 major industries recorded growth, including computers and communications equipment (15.6%), railway and shipbuilding (8.2%), general equipment (5.5%), special equipment (6.2%), electrical machinery (3.1%), chemicals (5.3%), coal mining and washing (3.8%), agriculture and food processing (3.5%), oil and gas (4.6%), textiles (2.3%), and automotive (9.2%). Conversely, production of non-metallic mineral products shrank (-6.5%). For the 1st four months of the year, industrial output climbed 5.6%. Monthly, industrial output edged up 0.05%.

China’s industrial production grew 5.7% yoy in March 2026, surpassing market expectations of 5.5% but slowing from a 6.3% rise in the combined January–February period, as fallout from the Iran war dampened momentum in China's economy. Activity moderated across major sectors, including mining (5.7% vs 6.1% in January–February), manufacturing (6.0% vs 6.6%), and utilities, electricity, heat, gas, and water (3.5% vs 4.7%). Within manufacturing, 30 of 41 major industries posted growth, including computers and communications equipment (12.5%), railway and shipbuilding (13.3%), general equipment (6.3%), special equipment (6.2%), electrical machinery (5.4%), chemicals (9.0%), coal mining and washing (5.3%), agriculture and food processing (8.0%), oil and gas (9.4%), textiles (1.7%), automotive (7.5%), and electricity and heat production (4.2%). In contrast, output contracted for non-metallic mineral products (-5.5%). Monthly, industrial output grew 0.28%. For Q1, industrial output rose 6.1%.

China’s industrial production rose 6.3% yoy in the combined January–February period of 2026, accelerating from a 5.2% growth in December and exceeding market expectations of 5.1%. Activity strengthened across major sectors, including mining (6.1% vs 5.4% in December), manufacturing (6.6% vs 5.7%), and utilities—electricity, heat, gas, and water—(4.7% vs 0.8%). Within manufacturing, 35 of 41 major industries posted increases, including computers and communications equipment (14.2%), railway and shipbuilding (13.7%), general equipment (8.9%), special equipment (8.8%), electrical machinery (8.7%), chemicals (7.6%), coal mining and washing (7.2%), agriculture, food processing (6.1%), oil and gas (5.8%), textiles (5.3%), electricity and heat production (5.1%), non-ferrous metal smelting and rolling (3.9%), automotive (3.4%), non-metallic mineral products (2.5%), and ferrous metal smelting and rolling (2.2%). Monthly, industrial output increased 0.83%. In 2025, production grew 5.9%.