Industrial output rose 6.4% on a seasonally adjusted monthly basis in November, which contrasts with October’s decline of 8.8%. The remarkable recovery is due in part to the recovery in modern sector output. In contrast, the output of the traditional sector decreased.
On a yearly basis, overall industrial production rose 35.3% in November, which is down from October’s expansion of 57.3%. Meanwhile, the trend has improved, with the average annual variation of industrial production coming in at -0.2% in November, up from -5.4% in October.
Members of the FocusEconomics Consensus Forecast Committee expect industrial production to grow 2.7% in 2023, up 1.3 percentage points from last month’s forecast, and 3.0% in 2024.