Industrial production rose by 18.1% year-on-year in April 2025, slowing from an upwardly revised 47.8% increase in March, which was the highest in over two years. This marked the softest growth in industrial activity in three months, as output gains moderated in manufacturing industries (19.5% vs. 50.2% in March) and transportable goods (19.2% vs. 50.7%). Meanwhile, production continued to contract in electricity, gas, steam, and air conditioning supply (-13% vs. -20.2%). On a monthly basis, industrial output shrank by 15.2%, the steepest decline since July 2023, following a 14.4% increase in the previous period.