What happened
Mining production declined for a fourth consecutive month in February by -9.6% y/y, following January’s revised reading of -1.5% y/y.

At face value, February’s reading is one of the weakest year-on-year growth rates recorded since the 1980s (excluding the CV19 period). However, part of the decline was statistical, as mining production recorded a very strong reading (+11.2% y/y) in February 2023.