Industrial production in the A. C. of Basque Country fell by 10.0% in November 2008 compared to the same month of 2007 in homogenous terms of the working calendar, according to EUSTAT data.

Compared to the previous month, October 2008, industrial production in the A.C. of Basque Country fell by 2.8%, once seasonal effects had been corrected.

The first eleven months of 2008 ended with an accumulated fall in the Industrial Production Index of 1.8% with respect to the eleven months of the previous year.

Graph 1: Year-on-year quarterly growth of the corrected Industrial Production Index of the A.C. of Basque Country

(*) Corrected year-on-year growth for October-November 2008

Source: Eustat

Sector evolution

By sector, and following the classification of the major industrial sectors, the evolution of the index for November 2008 with regard to November 2007 only showed growth for Energy (2.1%). Intermediate Goods were down by 16.1%, Capital Goods fell by 7.1% and Consumer Goods decreased by 5.1%, due to the fall in the prices of Durable Consumer Goods (-16.6%) and Non-Durable Consumer Goods (-0.2% ).

The month-on-month fluctuations in November 2008, compared to October 2008, were also negative, except in the case of Energy, which remained unchanged (0.0%). Capital Goods were down by 4.3%, Intermediate Goods fell by 3.1% and Consumer Goods decreased by 1.4%, due to the fall in the prices of Durable Consumer Goods (-1.3%) and Non-Durable Consumer Goods (-1.4% ).

Evolution by province

The pattern of the year-on-year evolution of the Industrial Production Index by province was negative in the three provinces: Álava decreased by 7.2%, Bizkaia by 8.9% and Gipuzkoa was down by 12.7%.

The month-on-month evolution, November 2008 compared to October 2008, was also negative in the three provinces, as it fell by 5.3% in Álava, 1.8% in Bizkaia and 2.5% in Gipuzkoa.

Table: November 2008. Variation rates (%) for the Industrial Production Index of the Basque Country

(1) Year-on-year variation rate of the accumulated period from January to the last month of year t compared to the same period of the year t-1

Source: Eustat