India: Industrial output rebounds in September
Latest reading: Industrial production increased 3.1% year on year in September (August: -0.1% yoy). September’s pickup exceeded market expectations and was largely due to an improvement in manufacturing output, with rises in the production of coke and refined petroleum products, basic metals and electrical equipment. Meanwhile, electricity and mining output also grew.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at a 13-month low of 4.8%, down from August’s 5.1% reading.
September’s print means industrial production grew 2.6% over Q3 as a whole, down from 5.5% in the prior quarter. Nonetheless, our panelists see GDP growth remaining broadly steady in Q3 from Q2, suggesting a stronger performance from other sectors of the economy.