18.05.202602:03:10UTC+00China Industrial Output Growth Lowest Since 2023

China’s industrial production grew 4.1% year-on-year in April 2026, down from 5.7% in March and below the consensus forecast of 5.9%. This marked the weakest expansion in industrial output since July 2023, as the economic impact of the Iran war weighed on momentum.

Growth slowed across both mining (3.8% vs 5.7% in March) and manufacturing (4.0% vs 6.0%), while output in electricity, heat, gas, and water utilities accelerated (5.3% vs 3.5%).

Within manufacturing, 29 of 41 key industries registered gains. Notable increases were seen in 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%). In contrast, output of non-metallic mineral products contracted by 6.5%.

Over the first four months of 2026, industrial production rose 5.6% year-on-year. On a month-on-month basis, industrial output in April edged up 0.05%.