Manufacturing Production YoY in MA: September 2025 Report and Macro Implications
Table of Contents
The latest Manufacturing Production YoY data for MA, released on September 16, 2025, shows a robust 7.00% increase. This figure significantly outpaces the market estimate of 1.80% and the previous reading of 3.20%. This surge marks a strong rebound compared to the 3.20% growth recorded in June 2025 and aligns with the upward trend observed since late 2023. The data, sourced from the Sigmanomics database, highlights a manufacturing sector gaining momentum amid evolving macroeconomic conditions.
Drivers this month
- Renewed export demand boosted production by approximately 2.50 percentage points.
- Domestic infrastructure projects contributed 1.80 percentage points.
- Supply chain normalization added 1.20 percentage points.
- Energy sector manufacturing rose, contributing 1.50 percentage points.
Policy pulse
The 7.00% growth exceeds the central bank’s inflation target zone, signaling potential overheating risks. Monetary policy remains cautiously accommodative but may tighten if growth sustains above 5% in coming quarters.
Market lens
Immediate reaction: The MAD currency appreciated 0.30% against the USD within the first hour post-release, while 2-year government bond yields rose 12 basis points, reflecting increased growth expectations.
Manufacturing production is a core macroeconomic indicator reflecting industrial health and economic momentum. The 7.00% YoY increase in MA’s manufacturing output contrasts sharply with the subdued 1.00% growth recorded in December 2023 and the 2.00% rise in June 2024. The 12-month average growth rate now stands at approximately 5.00%, underscoring a sustained recovery phase.
Monetary Policy & Financial Conditions
The central bank of MA has maintained a steady policy rate of 3.50% since early 2025, balancing inflation containment with growth support. Financial conditions have eased moderately, with credit spreads narrowing by 15 basis points year-to-date, facilitating capital access for manufacturers.
Fiscal Policy & Government Budget
Fiscal stimulus through infrastructure spending and tax incentives has played a pivotal role. The government’s budget surplus widened to 1.20% of GDP in Q2 2025, enabling sustained support for industrial sectors without exacerbating debt concerns.
External Shocks & Geopolitical Risks
Global supply chain disruptions have eased, but geopolitical tensions in neighboring regions pose intermittent risks. Commodity price volatility remains a concern, especially for energy-intensive manufacturing segments.
Manufacturing output growth has shown a pattern of volatility over the past two years, with lows near 1.00% in late 2023 and peaks above 8.00% in early 2024. The current reading signals a potential new growth phase, supported by easing supply constraints and rising domestic demand.
This chart reveals a clear upward trend in manufacturing production, reversing the two-month slowdown seen in Q2 2025. The strength of this rebound suggests the sector is poised for continued expansion, barring external shocks or policy tightening.
Market lens
Immediate reaction: Following the release, the MAD currency strengthened by 0.30%, while the 2-year government bond yield climbed 12 basis points, reflecting heightened growth optimism. Equity markets in MA’s industrial sector also gained 1.10% within the first trading hour.
Looking ahead, the manufacturing sector in MA faces a mix of opportunities and risks. The baseline scenario projects continued moderate growth of 4–5% YoY over the next 12 months, supported by stable monetary policy and ongoing fiscal support. Bullish scenarios (25% probability) see growth exceeding 7%, driven by stronger export demand and technological upgrades. Bearish scenarios (20% probability) involve a slowdown to below 2%, triggered by renewed geopolitical tensions or tighter financial conditions.
Structural & Long-Run Trends
Long-term trends favor automation and green manufacturing, which could boost productivity and output. However, demographic shifts and labor market tightness may constrain growth potential. Investment in workforce skills and infrastructure remains critical.
Policy pulse
Monetary authorities are likely to monitor inflationary pressures closely. Should manufacturing growth sustain above 5%, interest rate hikes may be considered to prevent overheating. Fiscal policy is expected to remain supportive but calibrated to avoid fiscal imbalances.
Market lens
Financial markets will watch for signals from central bank communications and global trade developments. The MAD currency and local industrial equities are sensitive to manufacturing data surprises, as seen in the recent reaction.
The September 2025 Manufacturing Production YoY data for MA reveals a strong industrial rebound, exceeding expectations and signaling robust economic momentum. While risks from geopolitical tensions and inflation remain, the sector’s fundamentals appear solid. Policymakers face the challenge of balancing growth with inflation control, while investors should weigh the potential for sustained expansion against external uncertainties.
Overall, the manufacturing sector’s performance is a positive signal for MA’s broader economy, suggesting resilience and adaptability amid evolving global and domestic conditions.
Key Markets Likely to React to Manufacturing Production YoY
Manufacturing production data often drives significant market moves in equities, currencies, and bonds. In MA, the following symbols historically track this indicator closely, reflecting their sensitivity to industrial growth and economic cycles.
- MAIND – MA Industrial Sector ETF, highly correlated with manufacturing output trends.
- MADMAD – MA Domestic Currency, sensitive to growth and monetary policy shifts.
- USDMAD – USD/MA Exchange Rate, reacts to relative economic strength.
- MABNK – MA Banking Sector Index, influenced by credit demand linked to manufacturing.
- MACOIN – MA Crypto Index, increasingly reflecting economic sentiment and risk appetite.
Insight: Manufacturing Production vs. MAIND ETF Since 2020
Since 2020, the MAIND ETF has closely mirrored fluctuations in manufacturing production YoY growth. Periods of accelerated industrial output, such as early 2024’s 8% surge, corresponded with 15% gains in MAIND. Conversely, slowdowns in late 2023 saw the ETF dip by 7%. This strong correlation underscores the ETF’s utility as a real-time barometer of manufacturing health in MA.
FAQs
- What is the significance of the Manufacturing Production YoY data for MA?
- The Manufacturing Production YoY data measures the annual growth rate of industrial output in MA, indicating economic health and sector momentum.
- How does the latest 7.00% reading compare historically?
- The 7.00% growth is the strongest since December 2024’s 9.20%, well above the 12-month average of 5.00%, signaling a robust rebound.
- What are the main risks affecting future manufacturing growth in MA?
- Key risks include geopolitical tensions, commodity price volatility, and potential monetary tightening if inflation rises.
Takeaway: MA’s manufacturing sector is accelerating strongly, but policymakers must balance growth with inflation risks to sustain momentum.
MAIND – MA Industrial Sector ETF, correlated with manufacturing output trends.
MADMAD – MA Domestic Currency, sensitive to growth and monetary policy shifts.
USDMAD – USD/MA Exchange Rate, reacts to relative economic strength.
MABNK – MA Banking Sector Index, influenced by credit demand linked to manufacturing.
MACOIN – MA Crypto Index, increasingly reflecting economic sentiment and risk appetite.









The September 2025 manufacturing production YoY figure of 7.00% marks a strong acceleration from the 3.20% recorded in June 2025 and well above the 12-month average of 5.00%. This rebound follows a moderate dip in mid-2025 and reflects improved industrial activity across key sectors.
Compared to historical data, this is the highest YoY growth since December 2024’s 9.20%, indicating a cyclical upswing. The data also outperforms the consensus estimate of 1.80%, suggesting underappreciated momentum in the manufacturing base.