Egypt: Industrial production tumbles at start of year
March 24, 2015
In January, industrial production contracted 5.3% over the same month of last year, which contrasted the 7.0% increase recorded in December. The result was the weakest since March of last year. Industrial production expanded at an average rate above 20.0% during the second half of 2014 amid a new era of relative political stability. However, January’s print suggests that the economy has cooled after a period of catching up. January’s decline was mainly driven by double-digit contractions in the tourism and construction sectors.
On a sequential basis, industrial production increased 9.9% over the previous month, which contrasted the 5.3% decrease registered in December. Annual average growth in industrial production ticked up from 10.4% in December to 10.5% in January, which marked an over-six-year high.
Author: Carl Kelly, Economist