Industrial output grew 0.3% in month-on-month seasonally-adjusted terms in October, which contrasted September’s 0.7% decrease. The pickup was largely driven by improvements in intermediate, non-durable and consumer goods.
On an annual basis, industrial output rose at a quicker rate of 1.7% in October (September: +0.4% yoy). Moreover, the trend improved significantly, with the annual average variation of industrial production coming in at minus 1.6%, up from September’s minus 2.2%.
The analysts surveyed by FocusEconomics for this month’s LatinFocus Consensus Forecast see industrial production increasing 0.8% in 2023, which is down 0.1 percentage points from last month’s estimate, and growing 2.1% in 2024.