Industrial production expanded 2.7% year on year in September (August: +9.3% yoy). September’s notable moderation was largely driven by contractions in paper and chemical substances production and in oil refining. That said, food and automobile production rose markedly.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 7.9% in September, down from August’s 8.7%.
Panelists participating in this month’s LatinFocus Consensus Forecast project industrial production to grow 2.9% in 2023, which is down 0.2 percentage points from last month’s estimate, and 2.6% in 2024.