China Industrial Output Growth Strongest in 3 Months

China’s industrial production grew 5.3% yoy in June 2026, accelerating from a 4.5% rise in May and surpassing expectations of 4.6%. It was the strongest growth in industrial production since March, mainly driven by faster growth in manufacturing (6.0% vs 4.4% in May), while the production and supply of electricity, heat, gas, and water moderated (7.4% vs 7.6%). By contrast, mining output fell 2.2%, reversing a 2.3% increase in May. Within manufacturing, 29 of the 41 major industries recorded growth, including computers and communications equipment (15.7%), railway and shipbuilding (18.2%), general equipment (9.9%), special equipment (10.0%), electrical machinery (7.0%), agriculture and food processing (3.1%), oil and gas (1.0%), textiles (3.4%), and automotive (8.7%). Conversely, production fell in chemicals (-0.1%), coal mining and washing (-5.9%), and non-metallic mineral products (-3.8%). For H1 of 2026, industrial output rose 5.4%. Monthly, industrial output climbed 0.76%.

China’s industrial production grew 4.5% year-on-year in May 2026, accelerating from a 4.1% rise in April, which was the softest growth since July 2023, and surpassing market expectations of 4.3%. Activity accelerated in both manufacturing (4.4% vs 4.0% in April) and the production and supply of electricity, heat, gas, and water (7.6% vs 5.3%), while growth in mining moderated to 2.3% from 3.8%. Within manufacturing, 28 of 41 major industries recorded growth, including computers and communications equipment (17.0%), railway and shipbuilding (7.4%), general equipment (6.7%), special equipment (9.1%), electrical machinery (4.7%), chemicals (0.3%), coal mining and washing (3.5%), agriculture and food processing (1.5%), oil and gas (1.5%), textiles (2.6%), and automotive (8.3%). Conversely, production of non-metallic mineral products fell (-5.6%). For the first five months of the year, industrial output expanded 5.4%. On a monthly basis, industrial output rose 0.4%.

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%.