Industrial Confidence Index Slows to 53.45 Points November 2025

The Ministry of Industry reported that the Industrial Confidence Index (ICI) fell to 53.45 points in November 2025, marginally below the 53.50 points recorded in October. The dip indicates a slowdown in manufacturing sentiment while the index remains in positive territory.

The decline was driven by a drop in the production component to 47.49 points, marking the sixth consecutive month of contraction, whereas the inventory component stayed in expansion at 56.19 points. Domestic demand helped, as the orders component rose to 55.93 points, while the export‑oriented ICI slipped slightly to 54.18 points. The pharmaceutical sector posted the highest ICI at 57.68 points, buoyed by a 12.35% rise in exports to US$81.87 million, and the tobacco sector saw October production increase 7.3% to 27.9 billion sticks, though cumulative Jan‑Oct output fell 1.91% year‑on‑year due to illegal cigarettes.

Overall, 78% of surveyed firms said their business conditions improved or remained stable, and 22 of 23 non‑oil‑and‑gas processing subsectors are in expansion, contributing 98.8% of that segment’s GDP in Q3 2025. Authorities reaffirm their commitment to curb illegal cigarettes and to monitor production trends to sustain industrial growth and fiscal stability.