Actual (April): 10.9% yoy
Consensus: 10.0% yoy
Previous (March): 10.2% yoy
Industrial output keeps growing by double-digit pace in April. Positive figures are driven mainly by rising car assembly (20.9% yoy) and steel production (55.1% yoy). Both sectors gain on rising external demand. Foreign trade print released today supports this view. On the other hand, domestic demand remains feeble, export sales grew by 15% yoy in April.
Positive PMI data and rising volume of new industrial orders support favorable outlook for coming months. Our forecast for industrial output growth this year remains at 6-7%.