China's industrial output below forecasts in August

By Gokhan Ergocun

ISTANBUL (AA) - China's industrial production grew by 5.2% on a yearly basis last month, below market forecasts of 5.7%.

Official figures showed on Monday that the growth rate of industrial production shrank from 5.7% in July.

In terms of sectors, the value added of mining went up by 5.1%, manufacturing up by 5.7%, and the production and supply of electricity, heat power, gas and water up by 2.4% over the same period.

In the first eight months, the total value added of the industrial enterprises above the designated size went up by 6.2% year on year.

In August, the Manufacturing Purchasing Managers’ Index (PMI) was 49.4%, 0.1 percentage points higher than that of the previous month.

In the Jan-Aug period, the total profits made by industrial enterprises above the designated size were 4 trillion yuan ($561.5 billion), down by 1.7% year on year.