Analysts were expecting a 3% drop in production, but the actual figures in industrial production data showed a 4.1% drop. While this is a significant improvement from the 16% drop the previous month, it fell below expectations and disappointed the market.
Analysts’ forecasts were driven by the improvements shown in exports earlier in the month. Non-oil exports were up 8%, which sent a signal to the market that a bounce was imminent. Additionally, the biomedical segment, which accounts for 18% part of the overall production, had a slow start of the year due to the holidays and unforeseen shutdowns. Full story
