Industrial production rises 2.2% in October and accumulates six months of increases
Industrial production has already increased for six consecutive months. Specifically, in October registered an increase of 2.2% compared to the same month last year, although compared to September its growth moderated by 1.4 points, due to the fall in intermediate goods and durable consumer goods. According to the industrial production index (IPI) published this Friday by the National Institute of Statistics (INE), the production of intermediate goods fell by 3.4% in October, the same percentage that that of durable consumer goods.
These decreases were offset by increases in the production of the other components of the index: capital goods, which grew by 10.6%, energy, by 3.5%, and non-durable consumer goods, by 1.4%. . This industrial indicator has not decreased since April of this year and added six consecutive months of growth -May (6.9%), June (6.6%), July (1.3%), August (5.4%) and September (3.6%)- and now October.
The breakdown of activities reveals that the manufacture of motor vehicles and trailers (22.9%), other extractive industries (22.9%), the manufacture of electrical material and equipment (19.8%) and products pharmacists (19.8%). Activities such as the manufacture of clothing (16.9%), the wood and cork industry (15.8%), the manufacture of iron and steel products (12.1%) and coke ovens and refining of oil (10.9%). The annual rate of industrial production increased in October compared to the same month in 2021 in 14 autonomous communities and decreased in the other three.
The largest increases occurred in Cantabria (6.6%), Murcia (5.6%) and Andalucía (5.2%), while the largest decreases took place in Extremadura (19.5%), Galicia (5 .4%) and Asturias (1.1%). The industrial production index corrected for seasonal and calendar effects presented a 2.5% variation in October compared to the same month of the previous year, a rate that was 1.1 points lower than that registered in September.
Regarding the monthly variation and eliminating seasonal and calendar effects, the IPI variation between the months of October and September was -0.4%, a rate that was 0.3 points lower than that observed in September. All sectors presented negative monthly rates, and the largest decreases corresponded to energy (2.8%), durable consumer goods (1.9%) and capital goods (1.1%).
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