IPI growth slows in November as key sectors lose steam
Industrial Production Index (IPI) slowed sharply to 4.3% YoY (Oct: 6.0%), a four-month low and below expectations (KIBB: 4.9%; consensus: 5.3%)
- Moderation was driven by weaker manufacturing and mining output, partly offset by higher electricity production.
- MoM (-1.1%; Oct: 2.1%): Fell sharply, in line with seasonal trends as November typically records weaker growth.
Manufacturing index eased to 4.9% YoY (Oct: 6.5%), a three-month low, as growth in Electrical & Electronic (E&E) output slowed (10.8%; Oct: 13.4%), though it remained at double digits levels
- Domestic-oriented (4.6%; Oct: 4.9%): Edged down slightly due to sharp moderation in beverages (10.3%; Oct: 15.9%), and basic pharmaceuticals products (9.2%; Oct: 13.7%). This was partly offset by stronger food processing (9.5%; Oct: 8.7%), tobacco (4.3%; Oct: 1.2%), and a rebound in motor vehicles, trailers & semi-trailers (1.2%; Oct: -3.3%) helped cushion the slowdown.
- Export-oriented (5.0%; Oct: 7.2%): Growth moderated, weighed by slower output of vegetable & animal oils & fats (5.7%; Oct: 12.9%) and computer, electronics & optical products (10.7%; Oct: 14.2%). Notably, several sub-sectors contracted, including chemicals & chemical products (-0.7%; Oct: 1.5%) and plastic products (-3.2%; Oct: 0.9%). Commodities-related manufacturing remained weak, with coke & refined petroleum (-2.7%; Oct: -2.3%) and rubber products (-1.7%; Oct: -1.5%), staying in contraction since February and May 2025, respectively.
- MoM (-0.5%; Oct: 0.2%): Momentum fell to a four-month low after three consecutive months of expansion.
Download Full Content:
