Industrial output growth posts an eight-year high in August

Latest reading: Industrial output rose 12.8% in year-on-year terms in August (July: +8.9% yoy), marking the highest growth rate since August 2017. The acceleration was driven by more than a twofold increase in mining and quarrying growth, after crude production surged at the Tengiz oilfield, which underwent a USD 48 billion expansion and launched operations in January. Moreover, the supply of water contracted at a milder rate. That said, manufacturing and energy output decelerated. Consequently, the trend improved, with annual average industrial production growth rising to 5.8% in August (July: +5.1%). Finally, industrial output increased 3.8% from the previous month in August, contrasting the 3.4% fall seen in July.

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