released on Monday.
According to the National Statistics Office (NSO), this represents an improvement on the 5 percent growth recorded in November last year. The increase was largely driven by strong performance in the mining and manufacturing sectors. “Growth is led by manufacturing of base metals and manufactured metal products, pharmaceuticals and automobiles,” the
government press release said.
The manufacturing sector led the growth spurt, growing 8 percent, compared to 5.5 percent in the same month last year. Mining also saw huge growth, rising 5.4 percent compared to 1.9 percent last year.
However, not all sectors recorded growth. The power sector faced challenges: production fell 1.5 percent, compared to growth of 4.4 percent in the same period last year.
Looking at the bigger picture, the NSO also revised industrial production growth slightly upward in October to 0.5 percent from the
previous estimate of 0.4 percent. The current growth rate is still below the peak of 11.9 percent in November 2023.
Overall industrial growth slowed in April-November. The growth rate is 3.3 percent, slightly below the 4.1 percent in the same period last year.
