Industrial output rose 2.1% compared to the same month of the previous year in April, which was a deterioration from March’s 3.8% increase. April’s notable slowdown was partly driven by a deterioration in manufacturing production growth. In addition, mining and quarrying output decelerated.
On a monthly basis, industrial production rose 0.4% in seasonally-adjusted terms in April, which was notably below March’s 4.3% expansion. Meanwhile, annual average industrial production growth fell to 7.7% in April (March: +10.0%). This signals a worsening trend in the industrial sector.
FocusEconomics Consensus Forecast panelists project industrial production to grow 3.3% in 2022, which is down 0.9 percentage points from last month’s forecast. For 2023, the panel projects industrial output will expand 3.6%.