Industrial manufacturing contracted by 3.2% yoy in December, worsening from a 2.6% contraction in November. In 2022, industrial manufacturing contracted repeatedly from February because of the penalties of the warfare in Ukraine. Nonetheless, the speed of contraction moderated within the second half of the 12 months.
In the meantime, the pattern worsened, with annual common industrial manufacturing falling by 11.2% in December (November: -10.2%).
FocusEconomics panellists count on industrial manufacturing to fall by 1.8% in 2023, unchanged from final month’s forecast. In 2024, industrial manufacturing is anticipated to extend by 3.3%.