Industrial output keeps growing

According to the preliminary data, industrial output grew by 3.6 percent on an annual basis in November 2019. This looks like a substantial slowdown compared to the average year-on-year pace in January-October – 6.3 percent – but the working day adjusted growth rate was much higher, 5.7 percent, in November. This implies that industrial growth still continues at a relatively good pace, and the annual average growth rate is expected to hit 6 percent in 2019. In 2020, however, industrial growth will decelerate significantly at last, as a result of the ongoing industrial recession in the EU.