Press Release 04/12/2023
INDUSTRIAL PRODUCTION INDEX. OCTOBER 2023
Industrial activity in the Basque Country fell by 0.8% in October 2023
Compared to the previous month, production was down 0.4%
The industrial production of the Basque Country in October 2023 was down 0.8% compared to the same month of the previous year, in homogeneous terms of the working calendar, according to Eustat data. In this manner, cumulative production in the first ten months of 2023 was 0.4% below that observed during the same cumulative period of the previous year.
In relation to the previous month (September 2023) industrial activity in the Basque Country fell by 0.4% in October 2023, once corrected for seasonal effects.
Year-on-year variation rate of the industrial production index in the Basque Country (%)
Corrected for calendar effects
Oct, 2022 Dec, 2022 Feb, 2023 Apr, 2023 Jun, 2023 Aug, 2023 Oct, 2023 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 |
Jan, 2006 Jan, 2008 Jan, 2010 Jan, 2012 Jan, 2014 Jan, 2016 Jan, 2018 Jan, 2020 Jan, 2022 |
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By economic destination of goods, in Intermediate Goods which includes metallurgy and manufacture of metal products, the chemical industry and manufacture of rubber and plastic products, there was a year-on-year decrease in production of 3.2%.
Consumer Goods also posted a negative year-on-year performance in October 2023, with a decrease in production of 3.2% for the sector as a whole. This decrease was due to the performance of Consumer Durables which includes the manufacture of furniture and domestic appliances, which posted a reduction of 18.1%. However, production of Consumer Non-durables increased by 1.1%. These include the activities of processing and conserving foodstuffs; the manufacture of cleaning and hygiene products; pharmaceutical products; and the manufacture of clothing.
Energy production also decreased in October 2023, down 9.5% in year-on-year terms. This sector includes the production and supply of electricity and oil refining.
However, production of Capital Goods, which include the manufacture of motor vehicles, construction of locomotives and railway material, naval construction and manufacture of aircraft, increased by 7.1% in relation to October of the previous year.
Industrial production index of the Basque Country by province and economic destination of the goods. Rates of variation (p). October 2023
| | Data corrected for calendar effects | Deseasonalised data |
| | m / m-12 | Am / A(m-12) | m / m-1 |
| GENERAL INDEX | | | |
| Basque Country | -0,8 | -0,4 | -0,4 |
| Araba/Álava | -1,5 | 0,2 | -1,3 |
| Bizkaia | -1,5 | -0,1 | -1,1 |
| Gipuzkoa | 0,4 | -0,9 | 0,9 |
| INDEXES BY ECONOMIC DESTINATION OF THE GOODS | | | |
| Consumer goods | -3,2 | 0,3 | 1,8 |
| Durable consumer goods | -18,1 | -10,4 | 2,3 |
| Nondurable consumer goods | 1,1 | 3,0 | 1,7 |
| Equipment goods | 7,1 | 3,5 | 0,8 |
| Intermediate goods | -3,2 | -0,6 | -1,5 |
| Energy | -9,5 | -9,7 | -2,3 |
(p)Provisional data
m / m-12 Year-on-year variation rate of the last observed month (m) compared to the same month of the previous year (m-12)
Am / A(m-12) Year-on-year variation rate for the accumulated period from January to the last month observed (Am) with respect to the same accumulated period in the previous year (A(m-12))
m / m-1 Variation rate of the last observed month (m) compared to the previous month (m-1)
Date December 4, 2023
Source: Eustat. Industrial production index
At a more disaggregated level, among the largest sectors in industry in the Basque country, the sectors that posted the highest increase in production in year-on-year terms were: Transport Material, up 6.6%; and Machinery and Equipment and Electrical material and equipment, both with a rise of 5.6%. In contrast, the sectors that posted the greatest year-on-year decrease in October 2023 were: Electricity, Gas and Steam with a reduction of 12.6%; and Timber, Paper & Graphic Arts down 12.0%.
Industrial production index of the Basque Country. Key A38 Sectors (1). Year-on-year growth rates (p). October 2023
| | m / m-12 |
| Food industry, beverages, tobacco products | 0,0 |
| Timber, paperand printing and reproduction | -12,0 |
| Rubber and plastic | -4,8 |
| Metallurgy and metal products | -2,7 |
| Electrical equipment | 5,6 |
| Machinery and equipment | 5,6 |
| Transport material | 6,6 |
| Electricity, gas and steam | -12,6 |
(p)Provisional data
Data corrected for calendar effects
(1)Sectors with greatest weight in basque industry
Date December 4, 2023
Source: Eustat. Industrial production index
The year-on-year evolution of the Industrial Production Index in October 2023 was negative in Álava and Bizkaia, with a decrease of 1.5% in both cases. However, in Gipuzkoa production in the industrial sector increased by 0.4% in relation to October 2022.
CUMULATIVE BALANCE FOR OCTOBER 2023
In the cumulative total for the first ten months of the year, the Industrial Production Index fell by 0.4%, driven by the 9.7% decrease in Energy. Intermediate Goods also performed negatively, with a 0.6% drop in relation to the same cumulative period of the previous year. However, cumulative production until October increased by 3.5% in Capital Goods and, finally, by 0.3% in Consumer Goods.
By province the cumulative total for the first ten months of 2023 closed with a negative balance in Bizkaia and Gipuzkoa, with decreases of 0.1% and 0.9%, respectively. Lastly, in Álava there was a cumulative increase in production of 0.2% during the first ten months of the year.
NOTE
Eustat would like to thank all the establishments that have collaborated with gathering information. As a result, the index for this month was calculated with 91.07% coverage of the sample.
For further information:
Eustat - Euskal Estatistika Erakundea / Basque Statistics Institute
C/ Donostia-San Sebastián, 1 01010 Vitoria-Gasteiz
Press Service: servicioprensa@eustat.eus Tel.: 945 01 75 62