BEIJING – China’s industrial production grew by 4.7 percent year-on-year in October, down 1.2 percentage points from the growth recorded for the same month last year, according to the National Bureau of Statistics (NBS) data released on Thursday.
The data, falling short of expectations of analysts, also represents a slowdown from September, when it recorded growth of 5.8 percent, 1.1 percentage points higher than the last month.
Analysts have attributed the fall to the decline in production of private companies, since public companies remained stable.
Industries pertaining to electricity, heating, gas and water recorded a 6.6 percent growth, besides an acceleration from September data.
On the other hand, the mining industry grew by 3.9 percent which was 4.2 percentage points less than September, and manufacturing grew by 4.6 percent, falling by a percentage point from the previous month.
The NBS calculates industrial growth by combining profits of large firms with annual turnover of more than 20 million yuan ($2.8 million).
The official statistical body also compares data from 41 industrial sub-sectors, of which 31 experienced an increase in their activity in October when compared to the same month in 2018.
Among products, the manufacture of integrated circuits and chemical fibers witnessed the highest increase of 23.5 percent and 16.9 percent, respectively.
On the other hand, electric vehicles and power generating equipment declined by 39.7 percent and 21 percent, respectively.
Overall, during the January-October period, China’s industrial production increased by 5.6 percent compared to the same period in 2018.