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Industrial production gains momentum at the start of 2024 after rising 3.6% in January

MADRID, 8 Mar.

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Industrial production gains momentum at the start of 2024 after rising 3.6% in January

MADRID, 8 Mar. (EUROPA PRESS) -

The General Industrial Production Index (IPI) returned to positive rates in January, rising 3.6% compared to the same month in 2023, a rate that exceeds that of the previous month by 8.5 points and its highest year-on-year increase of the last ten months, as reported this Friday by the National Institute of Statistics (INE).

Industrial production was boosted in the first month of the year by all sectors, except for durable consumer goods, which cut their production by 5.2% year-on-year.

The largest increases occurred in capital goods (7.5%) and non-durable consumer goods (3.9%), followed by intermediate goods (2.5%) and energy (1.5% ).

By activity branches, those that cut their production the most in an interannual rate were other clothing manufacturing (-9.4%); manufacturing of non-metallic mineral products (-7.8%); leather and footwear industry (-5.5%) and graphic arts (-5.5%).

The greatest increases, on the other hand, occurred in the manufacturing of computer and electronic products (24%); extractive industries (20%); other extractive industries (18.6%); manufacturing of other transport equipment (17.4%), and manufacturing of motor vehicles (14.2%).

Corrected for seasonal and calendar effects, industrial production registered a decline of 0.6% in January compared to the same month last year, moderating the decline in December 2023 by eight tenths (-1.4%). January is the tenth consecutive year-on-year drop in industrial production.

TWELVE COMMUNITIES RAISE THE PRODUCTION OF THEIR INDUSTRY

Industrial production fell last January in five autonomous communities in an interannual rate and increased in twelve, especially in Andalusia (8.3%), Catalonia (7.7%) and Murcia (7.3%).

At the other extreme, the largest year-on-year declines in industrial production were recorded in the Balearic Islands (-3.2%), Asturias (-1.1%) and the Basque Country (-0.8%).

PRODUCTION INCREASES 0.4% IN THE MONTH

In monthly terms (January 2024 over December 2023) and within the series corrected for seasonality and calendar, industrial production rose 0.4%, its largest monthly increase since March 2023, when it increased 1.1%.

By sectors, all of them registered monthly increases, except durable consumer goods (-1.6%).

Capital goods presented the greatest monthly increase in production, of 1.8%, followed by non-durable consumer goods (1.6%); intermediate goods (0.3%) and energy (0.1%).

Keywords:
INE