The index of industrial production (IPI) shows growth for May, rising 0.6 percent from April and returning to positive territory after a 1.9 percent drop in the previous month. The figures are seasonally and calendar adjusted and come from the National Institute of Statistics (INE).
On an annual basis, the seasonally and calendar adjusted series indicates a 0.1 percent decrease in May compared with May of the previous year, 2022. This decline is 0.9 points milder than April, which recorded a 1 percent drop.
In the original series, which excludes seasonal and calendar adjustments, the INE reports a 0.2 percent year over year increase in May, reversing a 4.2 percent drop observed in April.
monthly rates
Sector by sector, the strongest monthly gains appeared in capital goods at 4.0 percent, non-durable consumer goods at 1.9 percent, and durable consumer goods at 1.3 percent, all contributing positively to the overall month. Energy showed a decline of 2.8 percent, while intermediate goods fell by 0.3 percent.
Among the specific industries, tobacco production led with a strong 13.6 percent rise, followed by clothing manufacturing at 7.3 percent and motor vehicle manufacturing at 7.2 percent. On the opposite side, coking and oil refining fell by 3.5 percent, the extraction of anthracite, coal, and lignite dropped 3.3 percent, and the production of other non-metallic mineral products decreased by 2.7 percent.
annual rate
With indices adjusted for seasonality and calendar effects, capital goods posted a 7.0 percent increase and non-durable consumer goods rose by 2.3 percent compared with May 2022. In contrast, durable goods contracted by 5.6 percent, energy fell by 5.1 percent, and intermediate goods decreased by 5.0 percent on a year‑over‑year basis.
Looking at autonomous communities, Extremadura shows a 16.4 percent year‑over‑year decline in original data, even after seasonal adjustment. Murcia, Cantabria, and La Rioja also reported notable declines of 6.2 percent, 5.4 percent, and 4.9 percent, respectively. In Catalonia, May 2022 production was 0.7 percent lower than the current May.
Across the country, May saw growth in nine autonomous communities and a decline in the remaining eight. The strongest year‑over‑year increases appeared in Castilla y Leon at 8.0 percent, the Canary Islands at 7.3 percent, Aragón at 5.8 percent, and Galicia at 5.6 percent.