Industrial output increases 1.4% in October

25 November 2021

Ukraine’s industrial output increased 1.4% yoy in October after declining 0.7% yoy in September, the State Statistics Service reported on Nov. 23. Seasonally adjusted output increased 1.9% m/m in October.

 

In 10M21, industrial output increased 1.4% yoy (vs. a 6.0% yoy decline in 10M20).

 

Manufacturing output increased 0.4% yoy in October (after a 1.1% yoy decline in September). In particular, food output increased 2.7% yoy, machinery production grew 2.8%, coke production and oil processing surged 15.6% yoy. At the same time, chemicals production plummeted 13.6% yoy, while metals output stayed flat year-on year.

 

Mining sector production advanced 0.6% yoy in October (vs. a 1.0% yoy growth September). In particular, oil and gas processing advanced 0.6% yoy, while coal production dropped 4.6% yoy, iron ore output declined 3.0%.

 

The supply of electricity and natural gas jumped 7.6% yoy (vs. 2.4% yoy growth in September).

 

Regionally, output increased in 11 out of 25 regions. It grew the most in Khmelnitsky (25.0% yoy), Ternopil (21.1% yoy) and Vinnytsia (10.7% yoy) regions. The highest industrial growth in October was in Chernivtsi (-13.9% yoy), Zakarpattia (-7.6% yoy) and Rivne  (-7.0% yoy).

 

Evgeniya Akhtyrko: The improvement in industrial output in October was mostly due to a good growth in electricity and natural gas. Meanwhile, the performance in manufacturing remains very sketchy. The growth in food production and machinery is a weak remedy to counteract the continuing fall in chemicals and stagnation in metals output.

 

We don’t see any factors which could help Ukraine’s industrial production accelerate through the end of the year. We expect Ukraine’s industrial output to increase 1.1% yoy in 2021 (vs. 4.5% yoy decline in 2020).

Upcoming Events

Dec 9
Economy:
NBU to consider revision of key rate
Dec 17
METINV:
EUR 8.4 mln coupon on 2025 notes
Dec 20
Economy:
GDP statistics for 3Q21
All Events →