The General Industrial Production Index (IPI) rose by 1.1% from the previous year, with November showing a rate half a percentage point higher than October, according to the National Institute of Statistics (INE) on Thursday.
November 2023 saw the production chains in a recovery pattern for the second month in a row, following a period of lower activity that lasted four months.
Looking by sector, equipment goods recorded the strongest growth, increasing 5.7% year over year in November. This was followed by durable consumer goods, up 2.9%, and energy products, up 1.6%.
In contrast, output declined for non-durable consumer goods, down 1.5%, and intermediate goods, which fell by 1% compared with November 2022.
Among activity branches, the sharpest reductions were seen in other sectors, mining activity, which dropped 46.2%; extractive industries, down 45.4%; graphic arts, down 17.1%; and beverage manufacturing, down 16.2% year over year.
On the positive side, the most notable gains occurred in motor vehicle manufacturing, up 14.6%, and in the manufacture of other transportation equipment, up 14%.
Seasonal and calendar adjustments indicate that industrial production rose by 0.8% in November 2023 compared with November 2022, a rate that is 2.2 percentage points higher than in October of the same year.
Eleven regions report higher production
In November, industrial production showed year-over-year declines in six autonomous communities while eleven regions posted increases. Notable gains were observed in the Balearic Islands, up 18.2%; Galicia, up 7.3%; and Castilla y León, up 6.5%.
Conversely, the largest annual declines occurred in Navarra, down 7.4%; Cantabria, down 5.8%; and the Valencian Community, down 4.1%.
Monthly growth of 1% observed
On a monthly basis, comparing November 2023 with October 2023 in the adjusted series, industrial production rose by 1%. This follows a 0.7% monthly drop in October.
Examining sectors, every category posted a monthly increase, with capital goods leading at a 2% rise. The smallest expansion occurred in energy, which grew by 0.1% month over month.