Industrial output accelerates in Jan’23, spurred by capex; labour-intensive manufacturing remains a drag
Industrial output accelerated to 5.2% YoY growth in Jan’23, led by electricity (+12.7% YoY) and mining (+8.8% YoY). Manufacturing, which was the weak link holding down real GDP growth in the previous two quarters, accelerated to 3.7% YoY growth in Jan’23, from average growth of 1.4% YoY in Jul-Dec’22.