Industry: two-digit growth in October

Acc151208_Ipar 1_ENording to the preliminary data, industrial growth beat expectations with an unadjusted rate of 10.1%; while the working day adjusted growth rate hit 12.7%. Although an acceleration of growth was expected for the fourth quarter, the October data suggests a more spectacular year-end rally than previously expected, In January-October, industrial production151208_Ipar 2_EN was up 7.1%.

The seasonally and working day adjusted monthly production volume grew by 1.7% against the previous month, following a steeper month-on-month increase of 3% in September. Although this upward march is unlikely to continue during the last two months of the year, there is a good chance that the monthly year-on-year growth rates remain well above 7%, resulting in a yearly average growth surpassing 7% in 2015.