Industrial production (working day-adjusted) increased by 3.1% y/y in September, thus outperforming both the market and our above-market expectations. The figures were mostly supported by energy (+10.0% y/y) and non-durable consumer goods (+5.4% y/y).
The deterioration in capital goods production over the last few months finally came to an end in September (+5.2% y/y). Intermediaries remained in negative territory, down 3.8% y/y. Industrial production contracted by 1.3% on the annual level, with a 6.7% y/y contraction of intermediaries the strongest burden.
For the remainder of the year, we expect ongoing stabilization, although we are not expecting the y/y rate to accelerate beyond low positive figures. With external demand showing some signs of moderation, due to the recovery slowdown on external markets, the domestic market (as suggested by new orders) should be more supportive for the remainder of the year.
News source: Balkans.com link: article
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