China Industrial Output Growth Beats Estimates

China’s industrial production grew 5.2% year-on-year in August 2026, accelerating from a 4.5% rise in July and surpassing expectations of 4.8%. The acceleration came amid faster growth in manufacturing (6.1% vs 5.5% in July), while electricity, heat, gas, and water output continued to rise (4.9% vs 5.9%). By contrast, mining output fell 1.4% (vs 4.2% in July). Within manufacturing, 29 of the 41 major industries recorded growth, including computers and communications equipment (17.2%), railway and shipbuilding (13.4%), general equipment (9.8%), special equipment (11.4%), agriculture and food processing (4.3%), oil and gas (6.2%), electrical machinery (9.9%), textiles (3.0%), and automotive (8.7%). By contrast, production fell in coal mining and washing (-5.6%) and non-metallic mineral products (-4.1%). In the first eight months of 2026, industrial output rose 5.3%. Month-on-month, industrial output climbed 0.54%.

China’s industrial production expanded 4.5% yoy in July 2026, slowing from a 5.3% rise in June, which was the fastest growth in three months, and below expectations of 5.0%, due to weak domestic demand and extreme weather disruptions. The deceleration came amid softer growth in manufacturing (5.5% vs 6.0% in June) and electricity, heat, gas, and water (5.0% vs 7.4%), while mining output fell 4.2% (vs -2.2% in June). Within manufacturing, 25 of the 41 major industries recorded growth, including computers and communications equipment (19.1%), railway and shipbuilding (13.6%), general equipment (9.5%), special equipment (12.6%), electrical machinery (5.3%), agriculture and food processing (3.8%), oil and gas (6.1%), textiles (2.3%), and automotive (8.7%). By contrast, production fell in chemicals (-1.2%), coal mining and washing (-10.8%), and non-metallic mineral products (-3.3%). For the first seven months of 2026, industrial output grew by 5.3%. Monthly, industrial output rose by 0.11%.

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%.