Industrial production contracted 4.1% year over year in October, down from September’s 2.1% contraction. After two consecutive months of improvements, the contraction intensified again. This indicates that industrial activity is still far from recovering from the fallout from the Russo-Ukrainian War.
Meanwhile, the trend held steady, with the annual average of industrial production unchanged at 9.9% in October.
FocusEconomics panel members expect industrial production to decline 1.8% in 2023, up 2.7 percentage points from last month’s forecast. In 2024, industrial output is expected to increase by 3.3%.