Growth hit 19-month low in January on a broad-based slowdown
Industrial Production Index (IPI) moderated to a 19-month low of 2.1% YoY (Dec 24: 4.6%), matching the house forecast but below consensus of 2.7%
- Lower export-oriented manufacturing output, persistent mining sector weakness, and a decline in electricity output weighed on overall performance.
- MoM (-0.4%; Dec 24: -0.4%): contracted for the second straight month.
Manufacturing index slowed (3.7% YoY; Dec 24: 5.8%) to a three-month low on weak export-oriented sector
- Domestic-oriented: Expanded (4.7%; Dec 24:3.7%) to a five-month high, driven by higher output of tobacco products (20.3%; Dec 24: 7.5%), followed by fabricated metal products (16.6%; Dec 24: 6.0%) and non-metallic mineral products (10.4%; Dec 24: 3.5%).
- Export-oriented: Growth moderated sharply (0.4%; Dec 24: 6.8%) to an eleven-month low, in line with January’s export slump (0.3%; Dec 24: 16.9%). This was due to a decline in production of computer, electronics & optical products (0.1%; Dec 24: 10.1%), followed by weaker production of vegetable & animal oils and fats (-7.2%; Dec: 5.3%), machinery & equipment (-7.7%; Dec 24: 8.3%), plastic products (-2.6%; Dec 24: 5.2%), wood & products of wood (-2.4%; Dec 24: 6.2%) and textiles (-1.8%; Dec 24: 2.1%).
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