Data published by the Ministry of Economy, Trade and Industry showed that industrial production growth accelerated to 7.2% in November from 1.8% in October (revised from +1.1%). Economists had expected an increase by 4.9%.
Meanwhile, in annual terms, industrial production increased by 5.4% after a 4.1% decline in October. Economists had expected an increase by 2.5%.
The increase in industrial production in November was due to an increase in the production of cars, plastic products, cast iron and steel, while the production of chemical products and petroleum products decreased.
The data also showed that shipments increased by 7.4% compared to October and by 3.5% per annum, while inventories increased by 1.7% and 5.2%, respectively.
The Ministry of Economy, Trade and Industry predicts that industrial production will grow by 1.6% this month and by 5% in January.
A separate report from the Ministry of Internal Affairs and Communications showed that in November the unemployment rate rose to 2.8% from 2.7% in October. Economists had expected unemployment to remain at 2.7%.