Industrial production moves back into positive territory in January after recent declines
Industrial output for January returns to growth after two weaker months at the end of 2022, when activity slipped by 1.4 percent in November and 3.1 percent in December. The January result signals a rebound in the sector’s performance.
Among product groups, durable consumer goods led the rise with an 11.8 percent year over year increase in January, marking the strongest start to the year. Capital goods followed with an 8.6 percent rise, while non-durable consumer goods grew by 3.2 percent.
In contrast, output in the energy sector declined in January, down 3.4 percent year over year. Intermediate goods also posted a drop, decreasing 2.5 percent compared with January of the previous year.
Looking at activity lines, the most pronounced yearly gains occurred in the electrical materials and equipment sector, which expanded by 25.7 percent, and in pharmaceutical manufacturing, which rose by 19.7 percent.
Conversely, several industries saw notable declines. The wood and cork sector contracted by 25.4 percent, other mining activities by 12 percent, mining industries by 11.3 percent, and the chemical industry by 10.6 percent.
Output rises in eleven autonomous communities
In January, industrial production increased in eleven autonomous communities while some areas experienced a year over year fall during the same period.
The strongest improvements were recorded in Extremadura with a 24 percent rise, followed by Madrid at 10.1 percent, Castilla y León at 6.8 percent, and Castilla-La Mancha at 6.4 percent.
On the other end of the spectrum, the most significant year over year declines occurred in Murcia with a 13.5 percent drop, Asturias down 12.6 percent, Andalusia down 11.1 percent, and the Balearic Islands down 3 percent.
Monthly performance shows a 0.9 percent decrease in January
When looking at the month to month change from December to January in seasonally adjusted terms, overall industrial production fell by 0.9 percent. This marks the largest monthly decline since July, when the sector dropped 1.1 percent.
By subsectors, the largest monthly declines in the seasonally adjusted series occurred in other extractive industries, which fell 32.6 percent, followed by the tobacco industry at 15.3 percent and coal and lignite mining at 10.3 percent.
On the positive side, monthly gains were led by metallurgy with a 4.6 percent increase, the textile industry up 3.9 percent, and the supply of electricity, gas, steam, and air conditioning up 2.6 percent.