Industrial production jumped 26.0% year-on-year in seasonally- and calendar-adjusted terms in May, after skyrocketing 48.2% in April. Both readings benefited from an extremely low-base effect due to the Covid-19 pandemic.
May’s result reflected strong albeit softer growth in the production of intermediate goods, capital goods and consumer goods. Meanwhile, growth in energy output was stable.
On a seasonally- and calendar-adjusted monthly basis, factory output increased 4.3% in May, following April’s 1.2% uptick and marking a 10-month high. Lastly, the trend improved notably, with the annual average variation of industrial production coming in at plus 3.9%, from minus 0.2% in the previous month.
FocusEconomics Consensus Forecast panelists see industrial production increasing 8.0% in 2021 and 4.2% in 2022.