Overview
- Government data show the eight core sectors grew 3% year-on-year in September 2025, compared with 2.4% a year earlier.
- August growth was revised to 6.5%, underscoring that monthly readings are subject to change.
- Cumulative output for April–September rose 2.9%, below the 4.3% expansion in the same period last fiscal year.
- Coal (-1.2%), crude oil (-1.3%), natural gas (-3.8%), and refinery products (-3.7%) contracted in September, tempering the headline gain.
- Steel (+14.1%) and cement (+5.3%) advanced, while electricity (+2.1%) and fertilizers (+1.6%) posted modest growth, and the index represents about 40% of industrial production.