China’s Industrial Production Growth Slows to 3.6% in 2022

Industrial Production in China drops significantly in 2022, according to Tax Statistics Office

Industrial production in China saw a 3.6% year-on-year drop in 2022, according to National Statistics Office (ONE). It was a remarkable slowdown compared to its data in 2021, when production grew by 9.6%. In December, the advance was 1.3%, higher than the expected 0.2%.

The largest production growth was in the mining sector (+7.3%), followed by the production and supply of electricity, heating, gas and water (+5%), and manufacturing (+3%). Electric Vehicles nearly doubled (+97.5%) their production in the year.

Retail sales in December fell by 1.8% year-on-year, lower than the forecasted 8.6%. The official unemployment rate also dropped 0.2 points compared to the previous month, ending the year at 5.5%. Investment in fixed assets increased to 5.1%, mainly due to increased spending on infrastructure (+9.4%) and manufacturing (+9.1%), which contrasted with the sharp drop in spending to real estate developments (-10%).

Your email address will not be published. Required fields are marked *