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Overview
- Production fell 0.4% from August on a seasonally adjusted basis after a revised 0.7% gain in the prior month.
- Compared with a year earlier, industrial output rose 2% in September, indicating modest growth on an annual basis.
- Twelve of 25 activities contracted, led by a 9.7% decline in pharmaceutical and related products, with extractive industries and automotive also weighing on the headline.
- The result came slightly weaker than the VALOR DATA survey median for a 0.3% month-on-month drop.
- Output is 2.3% above the pre-pandemic level but 14.8% below the 2011 peak, with year-to-date growth at 1% and the 12‑month rate at 1.5%.