Industrial output expanded 2.5% year on year in seasonally-adjusted terms in December, which contrasted November’s 0.2% decrease. December’s figure was driven by rebounds in manufacturing and in electricity, gas, steam and air conditioning output.
On a monthly basis, industrial production rose 4.1% in seasonally adjusted terms in December, which was above November’s 3.8% expansion and marked the best result since March. Meanwhile, annual average industrial production growth rose to 0.4% in December (November: +0.3%). This signals an improving trend in the industrial sector.
FocusEconomics Consensus Forecast panelists project industrial production to expand 0.9% in 2023, which is up 0.4 percentage points from last month’s estimate. In 2024, industrial output is seen growing 2.7%.
