Industrial output expanded 1.7% month-on-month in seasonally-adjusted terms in March (February: +0.3% mom). Looking at the details of the release, March’s acceleration was largely due to faster growth in manufacturing output. In addition, mining output picked up pace.
On an annual basis, industrial production rose at a quicker rate of 1.8% in March (February: +1.1% yoy). Meanwhile, the trend pointed down, with annual average industrial production growth falling to a six-month low of 7.2% in March (February: +7.7%).
FocusEconomics Consensus Forecast panelists project that industrial production will increase 2.8% in 2022, which is down 0.3 percentage points from last month’s forecast, and rise 2.3% in 2023.