Industrial production: no major surprise at year-end

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Industrial production grew by 7.1% year-on-year in December, a relatively good pace compared to the monthly growth indices seen during much of the second half of 2014. The working day adjusted growth rate was more modest – 4.6% – still within the range of expectations. As a result, industrial production grew by 7.6% in 2014, a rate above what was expected at the beginning of the year, but below what could be hoped amid the spectacular mid-year upturn.

The seasonally and working day adjusted volume of production fell, as expected, against one month earlier, meaning that industrial activity is still to take off from the level it has been fluctuating around since August. At present, it is still realistic to expect that this take-off will happen in the early months of this year, and the yearly average industrial growth rate hits – or gets close to – 5% in 2015.

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