Industrial production fell 3.1% year-on-year in September (ENG: -3.8%; consensus: -3.0%) with the decline further deepening in the manufacturing sector (-3.7% year-on-year vs. – 2.0% in August), although it is worth remembering. that September of this year had one less working day than in September 2022, which deducted ca 3pp from production in year-on-year terms.
However, there are some encouraging signs, with seasonally adjusted data pointing to a 0.9% month-on-month increase in output. It was the second consecutive month of increased activity in seasonally adjusted terms.
