Overview
- Industrial output fell 1% from October on a seasonally adjusted basis, leaving activity near late‑2024 levels and roughly 10% below 2022–2023.
- Construction indicators deteriorated, with cement dispatches down 7.7% and the Índice Construya off 7.1% in November.
- Automotive production dropped 22% as fewer workdays and a softer local market hit volumes, while beverage output declined 6.9%.
- Small and mid‑sized manufacturers reported Q3 declines in production (-4.1%) and employment (-4.6%), with PMI‑PyME at 43 and ICE‑PyME at 44, and mounting cost, import and payment‑chain pressures.
- Short‑term signals were mixed, with industrial machinery registrations up 0.9% and steel output up 0.4%, exports to Brazil essentially flat (-0.1%) and industrial power use down 5.8%.