Our View: The September data didn’t bring any significant surprises; they only reinforced the scenario of industrial activity weakness. Compared to the previous quarter, the sector remained stable. For now, we maintain our expectation of a 0.15% QoQ contraction in GDP for 3Q23. The results of retail and service sectors in the upcoming weeks will be crucial for calibrating this number.
- Industrial production advanced by 0.1% MoM (0.6% YoY) in September, in line with our projection and slightly above market expectations. Stability over twelve months.
- The manufacturing industry declined during the period, while the extractive sector partially offset the contraction observed in August. Among the usage categories, only intermediate goods grew on the margin, but without reversing the four declines in the immediately preceding months. As expected, durable goods and capital goods declined during the period.
For more information, please check our Industrial Production Analysis.
