Still, the reading marked the ninth month of contraction, as production and new orders continued to fall, albeit at softer rates, amid poor market demand, a challenging business environment, and stagnant economic output.
Sales dropped for both domestic and international markets, with new export orders falling for the eleventh month in a row, linked to weak demand in Western European markets.
The continued decrease in production and order books discouraged purchasing activity and prompting firms to lower employment. Also, companies preferred to use existing resources, pushing inventories to reduce for eight consecutive months.
Moreover, both input cost and output charges rose at a quicker rate. On a positive note, overall confidence improved to its highest level since May 2022, reflective of some growing optimism about demand and price trends in 2023.
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