Industrial production grew 0.2% month-on-month in seasonally-adjusted terms in November (October: -3.2% mom). The notable rebound was partly driven by a rebound in manufacturing output. In contrast, mining production fell.
On an annual basis, industrial output fell 0.9% in November (October: +3.0% yoy). Moreover, the trend pointed down, with the annual average growth of industrial production coming in at 0.3% in November, down from October’s 0.8% reading.
FocusEconomics Consensus Forecast panelists project industrial production to grow 2.4% in 2023, which is down 0.1 percentage points from last month, and 2.0% in 2024.
