The automotive and footwear industries sustain production in September
The production of the industry put the brakes on in September, the fifth consecutive month in which, however, it managed to remain positive despite the enormous uncertainty plaguing the economic outlook at the international level (due to the rise in costs, especially energy, and the war in Ukraine). The General Industrial Production Index (IPI) advanced 3.3% in September in year-on-year termsa rise that is 2.3 points lower than that of the previous month, as reported this Friday by the National Institute of Statistics (INE).
The production of the capital goods industry was the one that grew the most in September, registering an increase of 11.5% in relation to the same month last year. They are followed by energy (+8.6%); durable consumer goods, with a rise of 2.3%, and non-durable consumer goods (+1%). On the other hand, the production of intermediate goods, which fell by 3.7% year-on-year in September.
By branches of activity, the ones that increased their production the most in relation to the same month of the previous year were manufacture of motor vehicles (+28.8%) and the leather and footwear industry (+21.7%). Among the decreases, the most pronounced were registered in the wood and cork industry (-21.8%) and in metallurgy (-10.1%).
Adjusted for seasonal and calendar effects, industrial production rose 3.6% compared to September 2021, a rate 1.6 points lower than that of August. In monthly terms (September over August) and within the corrected series, industrial production fell by 0.3%, in contrast to the 0.3% rise registered in August.
This same week, the PMI index for the Spanish manufacturing sector prepared by S&P Global (formerly IHS Markit) advanced a greater deterioration in the industry in October. According to this indicator, last month the production of the secondary sector would have registered its biggest drop since May 2020, in the midst of the coronavirus pandemic, due -among other factors- to inflation that, despite having moderated from the peak it touched in July , remains at very high levels -at 7.3%, according to data advanced last week by Statistics-. That same uncertainty would have translated into a significant drop in new orders and the sum of all these variables has caused the sector to destroy employment.
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