Press Release 06/02/2024
INDUSTRIAL PRODUCTION INDEX. DECEMBER 2023
Industrial activity in the Basque Country increased by 5.4% in December 2023
The balance for 2023 closed with 0.3% growth
The industrial production of the Basque Country was up 5.4% in December 2023 compared to the same month of the previous year, in homogeneous terms of the working calendar, according to Eustat data. The balance for 2023 as a whole closed with a rise of 0.3% in industrial activity.
In relation to the previous month, industrial activity in the Basque Country increased by 4.1% in December 2023, once corrected for seasonal effects.
By economic destination of goods, there was a year-on-year rise in production of 4.8% in Intermediate Goods, which includes metallurgy and manufacture of metal products, the chemical industry and manufacture of rubber and plastic products.
Consumer Goods, however, posted a negative year-on-year performance in December 2023, with a 0.5% drop in production for the sector as a whole. This decrease was due to the performance of Consumer Durables, including the manufacture of furniture and domestic appliances, which posted a reduction of 11.2%. Meanwhile, production of Consumer Non-durables increased by 1.9%. 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 December 2023, falling by 4.6% compared to the same month of the previous year. 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 10.3% in relation to the previous December.
Industrial production index of the Basque Country by province and economic destination of the goods. Rates of variation (p). December 2023
| | Data corrected for calendar effects | Deseasonalised data |
| | m / m-12 | Am / A(m-12) | m / m-1 |
| GENERAL INDEX | | | |
| Basque Country | 5,4 | 0,3 | 4,1 |
| Araba/Álava | 8,1 | 0,6 | 2,9 |
| Bizkaia | 2,9 | 0,5 | 2,2 |
| Gipuzkoa | 6,5 | -0,1 | 6,6 |
| INDEXES BY ECONOMIC DESTINATION OF THE GOODS | | | |
| Consumer goods | -0,5 | 0,2 | 1,8 |
| Durable consumer goods | -11,2 | -9,9 | 2,5 |
| Nondurable consumer goods | 1,9 | 2,7 | 1,7 |
| Equipment goods | 10,3 | 4,2 | 3,1 |
| Intermediate goods | 4,8 | -0,1 | 2,5 |
| Energy | -4,6 | -9,1 | 2,7 |
(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 Februay 6, 2024
Source: Eustat. Industrial production index
At a more disaggregated level, among the largest sectors in industry in the Basque country, those that registered the greatest increases in production in year-on-year terms were: Transport Material, with a rise of 18.6%; Metallurgy and Metal Products, with growth of 6.4%; and Machinery and Equipment, up 6.3%. In contrast, the sectors that posted the greatest year-on-year decreases in December 2023 were: Electricity, Gas and Steam, with a drop of 8.0%; and Timber, Paper & Graphic Arts, down 0.5%.
Industrial production index of the Basque Country. Key A38 Sectors (1). Year-on-year growth rates (p). December 2023
| | m / m-12 |
| Food industry, beverages, tobacco products | 1,5 |
| Timber, paperand printing and reproduction | -0,5 |
| Rubber and plastic | 1,5 |
| Metallurgy and metal products | 6,4 |
| Electrical equipment | 3,7 |
| Machinery and equipment | 6,3 |
| Transport material | 18,6 |
| Electricity, gas and steam | -8,0 |
(p)Provisional data
Data corrected for calendar effects
(1)Sectors with greatest weight in basque industry
Date Februay 6, 2024
Source: Eustat. Industrial production index
The year-on-year evolution of the Industrial Production Index in December 2023 was positive in all three provinces. In Álava, there was a 8.1% increase in production, in Gipuzkoa, it rose by 6.5% and, lastly, in Bizkaia, production was up 2.9%.
BALANCE FOR 2023 AS A WHOLE
In the twelve months of 2023, the cumulative increase in the industrial sector as a whole stood at 0.3%. This positive evolution was especially due to the good performance of both Capital Goods and Consumer Non-durables, which obtained cumulative growth in the year as a whole of 4.2% and 2.7%, respectively. Consumer Goods as a whole were up 0.2%. Production fell by 9.9% in Consumer Durables compared to 2022, and in Energy and Intermediate Goods it was down 9.1% and 0.1%, respectively.
By province, positive cumulative annual rates were recorded in Álava and Bizkaia, standing at 0.6% and 0.5%, respectively. In Gipuzkoa, however, there was a cumulative decrease of 0.1%.
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 92.11% 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