Industrial output increased 0.1% month-on-month in seasonally-adjusted terms in April (March: +0.6% mom). The slowdown came on the back of a decline in capital goods output. Meanwhile, intermediate goods production gained steam. Lastly, durable consumer goods production fell, while non-durable consumer goods output gained momentum.
On an annual basis, industrial production dropped 0.5% in April, a smaller contraction than March’s 1.7% fall and marking the best result since July 2021. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 0.3%, contrasting March’s plus 1.7%.
The analysts surveyed by FocusEconomics for this month’s LatinFocus Consensus Forecast see industrial production decreasing 0.7% in 2022, which is down 0.3 percentage points from last month’s estimate, and growing 1.9% in 2023.