Actual (Oct): -0.9 % m/m, 3.0 % y/y
Consensus: 1.8 % y/y
Previous (Sep): 3.9 % m/m, 3.0 % y/y
In October, industrial production corrected the high September growth. It decreased by 0.9 pct from the previous month. Year-on-year growth matched the previous month´s 3.0 pct and beat expectations. However, the base was slighthly lower in October, which means that the figures are, in fact, worse than the month before. In 2011 y-o-y growth of industrial output is still showing a downward trend. It is based on a slowing growth of exports together with decreasing domestic orders. PMI has already dropped below 50 and indicates that industrial production will likely contract further in months to come.