September 17, 2015

In August, industrial output dropped 6.4% over the same month last year, according to the National Statistical Committee. The figure marked a deterioration over July’s 6.0% contraction and a three-month low. August’s reading reflected a more pronounced decline in manufacturing and a deterioration in the production of electricity, gas, steam and air conditions. In contrast, the pace of decline moderated in mining and quarrying compared to July.



As a result, the trend continued to deteriorate. Average growth in industrial production fell from minus 1.6% in July to minus 2.7% in August, which marked an over-one-year low.

FocusEconomics Consensus Forecast participants see industrial production contracting 4.6% in 2015, which is unchanged from last month’s Consensus. For 2016, panelists see industrial output growing 1.1%.