Industrial output dropped 4.4% compared to the same month of the previous year in December, which was a deterioration from November's 3.2% decrease. The outturn marked the sharpest fall since July. Looking at the details of the release, the contractions in both manufacturing and electricity, gas, steam and air conditioning supply output deepened in December.
On a seasonally-adjusted monthly basis, industrial production rebounded, rising 1.8% in December (November: -4.7% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.0% in December, down from November's minus 6.3%.
FocusEconomics Consensus Forecast panelists project industrial production to expand 6.6% in 2021, which is up 0.7 percentage points from last month’s estimate. In 2022, industrial output is seen growing 4.6%.