Industrial output hits 3-month high in November, beats expectations
Industrial Production Index (IPI) accelerated to a three month high of 3.6% YoY in November (Oct: 2.0%), slightly higher than the house forecast of 3.5% and far above the consensus of 2.5%
- Higher growth was driven by strong performance in export-oriented manufacturing and electricity sectors, though mining output weakness partially capped the momentum.
- On MoM, growth slowed to 0.5% (Oct: 1.7%).
Manufacturing index expanded (4.6% YoY; Oct: 3.3%), driven by expansion in the export-oriented sector
- Domestic-oriented: Growth moderated (2.6%; Oct: 3.3%) but remained supported by higher food processing output (5.6%; Oct: 4.5%). However, gains were limited by slower growth in fabricated metal products, except machinery & equipment (4.9%; Oct: 6.5%) and other non-metallic mineral products (2.9%; Oct: 5.2%).
- Export-oriented: Growth expanded (5.6%; Oct: 3.3%), marking a three-month high, in line with November's exports rebound (4.1%; Oct: -1.6%). Growth was driven by higher production of computer, electronics & optical products (8.8%; Oct: 2.9%), followed by coke & refined petroleum products (2.8%; Oct: -1.0%) and plastic products (8.7%; Oct: 6.5%).
- MoM (1.0%; Oct: -1.2%): rebounded after two straight months of decline.
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