Thursday, March 15, 2007

January/February industrial output up by 18.5 percent in China

by Elaine Frei

A large increase in industrial output in China has many analysts expecting that the nation will have to tighten its monetary policy soon in order to cool down the economy.  Factory output in January and February combined grew 18.5 percent compared to the same time last year, according to the nation’s National Bureau of Statistics.  Analysts had expected a combined growth of 15.5 percent.

Output of textiles was up by 17.8 percent in the first two months of the year, while chemicals sector output grew by 21.7 percent.   Production of transport equipment was up by 26.1 percent during the same period, while ferrous metals output rose by 28.5 percent.  The nation turned out cars at a rate 29 percent higher than in January and February of last year.

In addition to industrial output, export growth was at 50 percent in February compared to the same time last year.  Retail sales was up by 14.7 percent in January and February combined.  All the data combined for the period, according one analyst, points to growth of 10.5 percent in the gross domestic product for the first quarter of the year and for the whole year.  If this prediction bears out, it would be the fifth year in a row that growth was in double digits.

The National Bureau of Statistics issued combined January/February statistics instead of separate figures for each month because the combined figures were considered likely to give a better picture of the economy due to the fact that Lunar New Year fell in February this year, but fell across both months last year.

 

 

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