Industrial production will fall by 2.8% in 2023

The index of industrial production fell by 2.8% in 2023 after rising by 0.3% in the previous year, according to data published this Thursday by the National Institute of Statistics (INE).

According to INE, the “intermediate goods” group recorded the most pronounced average annual negative change – 4.4% (no change from the previous year), while the “investment goods” group recorded the only positive change – 1.4% (3.4 % in 2022).

The manufacturing index was -3.8% after rising 1.6% in 2022.

In December 2023, the Industrial Production Index registered a fall of 5.0% compared to the same period last year by 5.0% (-1.1% in the previous month), mainly due to the “energy” group, without which the total the index had a change of 3.1% (-2.9% in the previous month).

In the “manufacturing industries” section, the rate of change was -3.9% (-4.5% in November).

In the last month of last year, all major industrial groups showed negative year-on-year fluctuations, with the most influential contribution to the change in the total index (-2.5 percentage points) coming from the energy group, with a rate-induced variation of -13.2% (7. 0% and 1.2 percentage points in the previous month).

In turn, the contribution of the “consumer goods” group amounted to -1.2 percentage points, increasing from an annual deviation of -4.3% in November to -3.8% in the analyzed month, while the “intermediate goods” group “goods” and “investment goods” contributed -0.7 and -0.6 percentage points, resulting in annual changes of -2.0% and -3.7%, respectively (-2.2% and -1.2% in November). .

On a monthly basis, the Industrial Production Index registered a decline of 0.8% in December compared to November (3.7% in the previous month), while in the fourth quarter of 2023 the aggregate index decreased by 2.5% compared to the same quarter. last year. a year earlier (in the previous quarter this deviation was -4.6%).