Overall industrial production failed to grow in February, constrained by declines in mining and poor utility performance. This marks the second time in the past four months that industrial production has failed to expand.
Despite the flat headline number, the details of the report were encouraging. Industrial production was dragged down by a 1.2% decline in mining output, the second consecutive month mining output has fallen. In addition to this, due to a warm month, utility output failed to grow.
Manufacturing output continues to show resilience to weaker foreign demand, growing 0.3% in February. Although slower than the strong 1.1% and 1.5% growth seen in the previous two months, it has expanded in nine out of the last ten months.
Read the report.