Page 21 - CE Outlook Regions 2024

2.1.4 Industrial production
Local analysts sounded alarm bells over industrial output’s 5% y/y slump registered in September, and the subsequent 1.9% increase in October was not too convincing, given that it in part was owed to the low comparison base in car production. The decreasing trend remains in place at the end of 2023 despite the contribution made by the country’s robust car industry (+4.3% y/y), which benefits from more stable supply chains, and pushed industry out of overall negative figures in October.
The PMI registered some of the lowest figures on record and remained well below the 50 point mark all year through. The decline stretches back to June 2022, but some positive signs appeared towards the end of 2023 as the rate of decline eased. New orders and employment fell more gently and the PMI posted 43.2 in November.
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