Press Release 09/01/2024
INDUSTRIAL PRODUCTION INDEX. NOVEMBER 2023
Industrial activity in the Basque Country fell by 0.1% in November 2023
In the balance of the first eleven months of 2023, production decreased by 0.3%
The industrial production of the Basque Country in November 2023 was down 0.1% 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 eleven months of 2023 was 0.3% below that observed during the same cumulative period of the previous year.
However, in relation to the previous month, industrial activity in the Basque Country increased by 0.3% this last month, once corrected for seasonal effects.
By economic destination of goods, there was a year-on-year decrease in production of 0.8% in Intermediate Goods which includes metallurgy and manufacture of metal products, the chemical industry and manufacture of rubber and plastic products.
Consumer Goods also posted a negative year-on-year performance in November 2023, with a 2.5% 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 6.5%. In turn, production of Consumer Non-durables decreased by 1.6%. 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 November 2023, by 7.2% 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 4.0% in relation to the previous November.
Industrial production index of the Basque Country. Key A38 Sectors (1). Year-on-year growth rates (p). January 2024
| | m / m-12 |
| Food industry, beverages, tobacco products | -3,7 |
| Timber, paperand printing and reproduction | -7,4 |
| Rubber and plastic | -5,6 |
| Metallurgy and metal products | -4,6 |
| Electrical equipment | 3,7 |
| Machinery and equipment | 9,2 |
| Transport material | -1,5 |
| Electricity, gas and steam | 4,6 |
(p)Provisional data
Data corrected for calendar effects
(1)Sectors with greatest weight in basque industry
Date March 6, 2024
Source: Eustat. Industrial production index
At a more disaggregated level, among the largest sectors in industry in the Basque country where the greatest increase occurred in year-on-year terms were Machinery and Equipment, with a 9.6% increase, and Transport Material, up 1.1%. In contrast, the sectors that posted the greatest year-on-year decreases in November 2023 were Electricity, Gas and Steam with a 6.6% reduction, and Timber, Paper & Graphic Arts, down 3.0%.
Industrial production index of the Basque Country by province and economic destination of the goods. Rates of variation (p). January 2024
| | Data corrected for calendar effects | Deseasonalised data |
| | m / m-12 | Am / A(m-12) | m / m-1 |
| GENERAL INDEX | | | |
| Basque Country | 1,3 | 1,3 | -3,7 |
| Araba/Álava | -3,3 | -3,3 | -3,6 |
| Bizkaia | 4,5 | 4,5 | -2,3 |
| Gipuzkoa | 1,0 | 1,0 | -5,1 |
| INDEXES BY ECONOMIC DESTINATION OF THE GOODS | | | |
| Consumer goods | 0,5 | 0,5 | 0,7 |
| Durable consumer goods | -7,3 | -7,3 | -0,3 |
| Nondurable consumer goods | 2,4 | 2,4 | 0,9 |
| Equipment goods | 5,4 | 5,4 | -3,0 |
| Intermediate goods | -3,0 | -3,0 | -3,5 |
| Energy | 8,9 | 8,9 | 2,1 |
(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 March 6, 2024
Source: Eustat. Industrial production index
The year-on-year evolution of the Industrial Production Index in November 2023 was negative in Álava and Gipuzkoa, with decreases in production of 0.5% and 1.0% respectively. However, industrial production in Bizkaia increased by 1.1% in year-on-year terms.
CUMULATIVE BALANCE FOR NOVEMBER 2023
In the cumulative period of the first eleven months of the year, the Industrial Production Index fell by 0.3%, mainly due to the 9.5% decrease in Energy. Intermediate Goods also performed negatively, down 0.6% in relation to the same cumulative period of the previous year. However, cumulative production until November increased by 3.5% in Capital Goods and, finally, remained constant for Consumer Goods.
By province, the cumulative total of the first eleven months of 2023 closed with a negative balance in Gipuzkoa, with a 1.0% decrease. It remained constant in Bizkaia and lastly, in Álava there was a cumulative increase in production of 0.1% during the first eleven 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 88.24% 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