Industrial production increased by 8.6 percent y/y in March 2025, compared to 4.8 percent y/y in March 2024, driven by apparel, electronics and machinery. The PMI entered expansionary territory (50.5) in March after three months of contraction, driven by growth in new orders despite high uncertainties. Revenue collection for the first three months of 2025 reached 36.7 percent of the State budget's annual plan compared to 31.7 percent in the same period of 2024, driven by increases in VAT and corporate income tax collection. However, the public investment disbursement rate slowed as of end of March 2025, reaching 9.5 percent of Prime Minister's annual plan, below the 12.3 percent execution rate from the same period of last year.