The General Industrial Production Index (IPI) showed a 4.1% year-over-year drop in September, according to the National Institute of Statistics (INE) on Tuesday. This marks a 0.4 percentage point decline from August.
With September’s results, industrial production has now fallen for four consecutive months. The year-over-year declines followed decreases of 1.7%, 2.1%, and 3.6% in June, July, and August, respectively.
In September, the energy sector recorded the steepest year-over-year decline at 10.4%, followed by durable consumer goods at 7.5% and non-durable consumer goods at 6.6%. By contrast, intermediate goods rose by 1.7% and capital goods by 1.2%.
Among specific sectors, clothing manufacturing led the year-over-year declines at 39.4%, beverages fell 19.9%, and electricity, gas, steam, and air conditioning supply dropped 12.9%. Conversely, other mining industries posted the largest year-over-year gain at 34.9%.
Seasonally and calendar-adjusted, industrial production fell 1.4% in September compared with September of the previous year, and was 1.9 percentage points higher than in August.
Only the Canary Islands and Castilla y León show year-over-year gains in industrial output
In September, industrial production declined across 15 autonomous regions, rising only in the Canary Islands and Castilla y León with increases of 2.6% and 0.2% respectively.
The sharpest declines occurred in the Balearic Islands at 13.5%, La Rioja at 11.3%, Cantabria at 9.5%, and Murcia at 8.9%.
Smaller month-to-month declines appeared in Aragon at 0.7%, Extremadura at 0.9%, and Asturias at 1%.
Industrial production rose 1.1% in the month
On a month-to-month basis, and in the adjusted series, September registered a 1.1% increase over August, higher by 1.8 percentage points than the prior month.
Sector-wise, capital goods rose 3.6%, consumer durables 3.3%, and intermediate goods 3.1%. Energy fell 2.7% and non-durable consumption edged down by 0.3%.
Within activities, the tobacco industry led with a 17% gain from the previous month, followed by pharmaceutical manufacturing at 12.7% and metallurgy at 12.4%.
On the downside, clothing manufacturing dropped 18.6%, electricity, gas, steam and air conditioning supply declined 5.1%, and beverage manufacturing fell 3.2%.
Source: INE monthly brief with regional breakdowns and sector-by-sector performance. Attribution: official statistics agency and regional economic summaries.