Press Release 04/04/2024
INDUSTRIAL PRODUCTION INDEX. FEBRUARY 2024
Industrial activity in the Basque Country fell by 1.0% in February 2024
Compared to the previous month, January 2024, production was down 0.3%
The industrial production of the Basque Country was down 1.0% in February 2024 compared to the same month of 2022, in homogeneous terms of the working calendar, according to Eustat data.
In relation to the previous month, industrial activity in the Basque Country decreased by 0.3% in February 2024, once corrected for seasonal effects.
By economic destination of goods, in February 2024 Energy production increased by 8.6% compared to the same month of the previous year. This sector includes the production and supply of electricity and oil refining.
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 2.9% in relation to February of the previous year.
Consumer Goods also posted a positive year-on-year performance in February 2024, with a 1.4% rise in production for the sector as a whole. This increase is due to the performance of Consumer Non-Durables, which includes the activities of processing and conserving foodstuffs; the manufacture of cleaning and hygiene products; pharmaceutical products; and the manufacture of clothing, which posted an increase of 4.8%. However, production of Consumer Durables was down 12.4%. The latter includes the manufacture of furniture and domestic appliances.
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 0.3%.
Industrial production index of the Basque Country by province and economic destination of the goods. Rates of variation (p). February 2024
| | Data corrected for calendar effects | Deseasonalised data |
| | m / m-12 | Am / A(m-12) | m / m-1 |
| GENERAL INDEX | | | |
| Basque Country | -1,0 | -0,4 | -0,3 |
| Araba/Álava | -3,4 | -3,3 | 0,2 |
| Bizkaia | -0,2 | 1,7 | -0,3 |
| Gipuzkoa | -0,2 | -0,7 | -0,7 |
| INDEXES BY ECONOMIC DESTINATION OF THE GOODS | | | |
| Consumer goods | 1,4 | 0,9 | 0,7 |
| Durable consumer goods | -12,4 | -10,2 | -3,5 |
| Nondurable consumer goods | 4,8 | 3,6 | 1,6 |
| Equipment goods | 2,9 | 2,4 | -0,3 |
| Intermediate goods | -0,3 | -1,5 | 2,1 |
| Energy | 8,6 | 8,8 | 4,8 |
(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 April 4, 2024
Source: Eustat. Industrial production index
At a more disaggregated level, among the largest sectors in Basque industry, those that posted an increase in production in year-on-year terms in February 2024 were: Machinery & Equipment, with a rise of 2.0%; Food, Beverages & Tobacco, up 1.2%; and Metallurgy and Metal Products, which increased by 0.2%. In contrast, the greatest year-on-year decreases were concentrated in Electrical material and equipment, with a fall of 8.7%; and Timber, Paper & Graphic Arts, down 3.7%.
Industrial production index of the Basque Country. Key A38 Sectors (1). Year-on-year growth rates (p). February 2024
| | m / m-12 |
| Food industry, beverages, tobacco products | 1,2 |
| Timber, paperand printing and reproduction | -3,7 |
| Rubber and plastic | -3,1 |
| Metallurgy and metal products | 0,2 |
| Electrical equipment | -8,7 |
| Machinery and equipment | 2,0 |
| Transport material | -1,0 |
| Electricity, gas and steam | -1,8 |
(p)Provisional data
Data corrected for calendar effects
(1)Sectors with greatest weight in basque industry
Date April 4, 2024
Source: Eustat. Industrial production index
The year-on-year evolution of the Industrial Production Index in February 2024 was negative in all three provinces. In Álava, the decrease in production was 3.4% and in Bizkaia and Gipuzkoa it was 0.2%.
CUMULATIVE BALANCE FOR FEBRUARY 2024
In the cumulative total for the first two months of the year, the Industrial Production Index fell by 0.4%, driven by the 1.5% decrease in Intermediate Goods. Energy, however, also performed negatively, with a 8.8% drop in relation to the same cumulative period of the previous year. However, cumulative production until February increased by 2.4% in Capital Goods and by 0.9% in Consumer Goods.
By province, the cumulative total of the first two months of 2024 closed with a negative balance in Álava, with a 3.3% decrease. Gipuzkoa posted a cumulative decrease in production of 0.7% and finally, in Bizkaia, production increased by 1.7% in respect of the same cumulative period of the previous 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 90.18% 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