Industrial output growth expanded 1.5% year-on-year in September, picking up from August’s downwardly revised 1.1% print (previously reported: +1.3% year-on-year).
The acceleration in September came on the back of a pick-up in manufacturing output—which represents more than 90% of total industrial production—as well as softer contractions in electricity and gas supply, and water supply. The manufacturing sector grew 2.0% over the same month of the previous year in September, up from the revised 1.5% expansion registered in August (previously reported: +1.8% yoy).
On a seasonally-adjusted month-on-month basis, industrial output growth shot up from August’s revised 0.6% print (previously reported: +0.8% month-on-month) to 2.3%. Annual average growth in industrial production, on the other hand, fell from 3.9% in August to 3.6% in September.
Analysts participating in the FocusEconomics Consensus Forecast expect industrial production to expand 3.0% in 2019, which is up 0.2 percentage points from last month’s forecast. For 2020, participants expect industrial output to grow 2.4%.