Industrial production rose 0.4% year on year in November, contrasting October’s 0.1% contraction. This was driven by expansions in mining and quarrying as well as electricity, gas, steam and air conditioning supply. That said, manufacturing output contracted. Meanwhile, annual average industrial production growth inched down to 1.7% in November from 2.3% in October.
Lastly, industrial output expanded 0.40% on a monthly basis in November, down from October’s 0.60% expansion.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.8% in 2023, which is up 0.1 percentage points from last month’s estimate. In 2024, the panel sees industrial production rising 3.9%.
