Industrial output in November fell 1.1 percent from the previous month after seeing a jump in October on the back of recovery from natural disasters in the summer, government data showed Friday.
While the global economic outlook remains uncertain on the back of the U.S.-China trade war and the recent turmoil in financial markets, the Ministry of Economy, Trade and Industry maintained its basic assessment that industrial production is “picking up slowly.”
The seasonally adjusted index of production at factories and mines stood at 104.7 against the 2015 base of 100, the ministry said in a preliminary report. In October, the index rose at its fastest pace since January 2015 with 2.9 percent growth from the previous month.
The general and business-oriented machinery sector that enjoyed a sharp gain in October dived 11.0 percent, becoming the biggest drag on the production index, according to the data.
Even without the sharp drop in that sector, which saw strong domestic demand for products such as boilers and engines the previous month, the output index would have fallen, according to a ministry official.