Industrial output surges in October

Latest reading: Industrial production increased 3.1% in annual terms in October, following a 0.3% rise in the prior month. October's reading was the strongest since December 2024 and far exceeded market expectations. Relative to the prior month's figures, readings in October improved for manufacturing (+4.5% on a year-on-year basis vs +0.4% in September), mining and quarrying (+1.3% vs +0.2% in September) and electricity, gas, steam and air conditioning supply (+1.3% vs +1.2% in September). Manufacturing was boosted by defense spending, with sectors reliant on government procurement—such as finished metal products, electronic and optical products, and transport vehicles and equipment—returning to their typical post-2023 growth rates. In contrast, the reading for water supply, sewerage, waste management and remediation activities deteriorated in October (-3.3% vs -0.9% in September). On a seasonally adjusted month-on-month basis, industrial production was up 3.0% in October, following a 0.9% fall in the prior month.

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