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Industrial production does not take off and falls 0.5% in April

Spanish industrial production has remained stagnant since the post-Covid rebound in spring 2021 and returned to negative ground in April after experiencing a drop of 0.

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Industrial production does not take off and falls 0.5% in April

Spanish industrial production has remained stagnant since the post-Covid rebound in spring 2021 and returned to negative ground in April after experiencing a drop of 0.4% compared to a year ago and 0.8% compared to March.

With the data for April, industrial production returns to declines after five consecutive months of positive although modest year-on-year rates.

The production of the intermediate goods industry was the one that suffered the most in April with a year-on-year drop of 3.7%. Capital goods followed, with a drop of 1.6%. The rest of the sectors increased their production in the fourth month of the year, especially energy (3.9%) and durable consumer goods (3.5%). Non-durable consumer goods, for their part, increased their production by 1.7% year-on-year.

By branches of activity, the ones that increased their production the most in the interannual rate were the manufacture of garments (21.9%); the leather and footwear industry (21%), and the wood and cork industry (10.8%), reports Europa Press.

Among the decreases, the most pronounced were registered in other extractive industries (-13.5%); the manufacture of other transport material (-9.3%); water supply and sanitation activities (-8.7%); the manufacture of computer products (-8.4%), and the manufacture of motor vehicles (-8.1%).

Once seasonal and calendar effects were eliminated, industrial production rose by 2.4% compared to April 2021, a rate more than two points higher than that of March, when it was unchanged.

Industrial production increased in April in nine autonomous communities in the interannual rate and fell in eight, mainly in Galicia (-8%), Asturias (-4.3%), Navarra (-3.8%) and Murcia (-3 ,5%).

The largest increases, on the other hand, were registered in the Balearic Islands (22.2%), Extremadura (21.5%) and Aragón (10.4%), the only regions with two-digit year-on-year increases.

In monthly terms (April over March) and within the corrected series, industrial production increased by 2.1%, its largest monthly increase since November 2021, when it increased by 2.2%.

All sectors contributed to this rebound, mainly intermediate goods and durable consumer goods, which increased their production in the month by 6.8% and 4.3%, respectively. They are followed by capital goods, with a monthly rise in production of 2.9%; energy (1.9%) and non-durable consumer goods (1.8%).

By branches of activity, the largest monthly increases in production in the seasonally adjusted series were experienced by the leather and footwear industry (21.4%), the manufacture of clothing (19.3%) and the manufacture of material and electrical equipment (17.1%).

In contrast, the largest monthly decreases corresponded to the manufacture of pharmaceutical products (-6.9%), the manufacture of computer products (-5.9%) and the tobacco industry (-3.4%).

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