Summary
Industrial production increased by 0.1% MoM (0.3% YoY) in June, above market consensus (-0,1%)
Positive Highlights
Extractive industries (2.9%), clothing and accessories (4.9%), rubber and plastic products (1.2%), and metal products (1.2%)
Negative Highlights
Coke, petroleum-derived products, and biofuels (-3.6%), motor vehicles, trailers, and bodies (-4.0%), machinery and equipment (-4.5%), pharmaceuticals and pharmaceuticals (-4.9%), leather, travel goods and footwear (-6.8%), other transport equipment (-5.5%), computer equipment, electronic and optical products (-2.8%), and food products (-0.2%).
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Despite the positive surprise, the components worsened in that period, with most items contracting at the margin. Finally, the headline data confirmed the industrial production stabilization bias in 2Q23.
