Industrial production decreased by 0.4% in December 2024 compared to the previous month, worse than the anticipated 0.1% decline and following a revised 0.1% increase in November.
Industrial production contracts in December
This decline was primarily due to a 0.7% contraction in manufacturing (compared to a 0.2% increase in November), largely driven by renewed weakness in transport equipment production (-5.4%, down from +4.0%), particularly motor vehicles, trailers, and semi-trailers (-11.0% compared to +6.4%). Other transport equipment also contributed to the decline (-2.0% vs. +2.6%). Conversely, mining and quarrying, energy, water supply, and waste management (+1.2% vs. +0.1%) and construction (+1.3% vs. +0.3%) saw increased activity.
Output falls 1.2% YoY, 0.6% QoQ
Year-over-year, industrial output fell 1.2% in December. Compared to the previous quarter, industrial production was down 0.6%.
