Overview
- Industrial output fell 1% from October on a seasonally adjusted basis, leaving activity near late‑2024 levels and roughly 10% below 2022–2023 benchmarks.
- Construction-related indicators weakened, with cement dispatches down 7.7% and the Construya index down 7.1% versus October.
- Automotive production dropped 22% in November, reflecting fewer working days and softer domestic sales.
- Sectoral performance was uneven, as only petroleum refining and motorcycle manufacturing matched 2022 levels, while large industrial users’ electricity consumption fell 5.8%.
- SMEs reported acute strain, with Q3 production down 4.1% and employment down 4.6%, 81% citing cost pressures and 37% losing market share to imports.