Press Release 04/07/2024
INDUSTRIAL PRODUCTION INDEX. MAY 2024
Industrial activity in the Basque Country fell by 1.0% in May 2024
Production was up 0.5% compared to the previous month, April 2024
The industrial production of the Basque Country was down 1.0% in May 2024 compared to the same month of the previous year, in homogeneous terms of the working calendar, according to Eustat data.
In relation to the previous month, industrial activity in the Basque Country increased by 0.5% this last month, once corrected for seasonal effects.
By economic destination of goods, Consumer Goods posted a negative year-on-year performance in May 2024, with a 4.1% decrease in production for the sector as a whole. This decrease is due to the performance of Consumer Non-Durables (this includes the activities of processing and conserving foodstuffs, the manufacture of cleaning and hygiene products, pharmaceutical products, and the manufacture of clothing), which fell by 4.6%; and the 1.9% downturn in the production of Consumer Durables. The latter includes the manufacture of furniture and domestic appliances.
Production of Intermediate Goods, which includes metallurgy and manufacture of metal products, the chemical industry and manufacture of rubber and plastic products, fell by 2.8%.
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 1.7% compared to the previous May.
Finally, Energy production rose by 2.6% in May 2024 in relation to the same month of the previous year. This sector includes the production and supply of electricity and oil refining.
Industrial production index of the Basque Country by province and economic destination of the goods. Rates of variation (p). May 2024
| | Data corrected for calendar effects | Deseasonalised data |
| | m / m-12 | Am / A(m-12) | m / m-1 |
| GENERAL INDEX | | | |
| Basque Country | -1,0 | -0,3 | 0,5 |
| Araba/Álava | -4,0 | -3,1 | -0,6 |
| Bizkaia | -3,0 | -1,0 | 1,6 |
| Gipuzkoa | 2,9 | 2,0 | 0,1 |
| INDEXES BY ECONOMIC DESTINATION OF THE GOODS | | | |
| Consumer goods | -4,1 | -1,9 | 2,2 |
| Durable consumer goods | -1,9 | -7,7 | 5,1 |
| Nondurable consumer goods | -4,6 | -0,7 | 1,7 |
| Equipment goods | 1,7 | 3,5 | -0,7 |
| Intermediate goods | -2,8 | -1,9 | -0,3 |
| Energy | 2,6 | 2,4 | 2,2 |
(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 July 4, 2024
Source: Eustat. Industrial production index
At a more disaggregated level, among the largest sectors in Basque industry, those that posted the sharpest decrease in production in year-on-year terms in May 2024 were: Rubber and Plastics, with a fall of 7.2%; Food, Beverages & Tobacco, down 5.3%; and Transport Material, with a 2.9% decrease. In contrast, the greatest year-on-year increases were concentrated in Electrical material and equipment, with a rise of 7.9%; and Timber, Paper & Graphic Arts, up 7.8%.
Industrial production index of the Basque Country. Key A38 Sectors (1). Year-on-year growth rates (p). May 2024
| | m / m-12 |
| Food industry, beverages, tobacco products | -5,3 |
| Timber, paperand printing and reproduction | 7,8 |
| Rubber and plastic | -7,2 |
| Metallurgy and metal products | -0,6 |
| Electrical equipment | 7,9 |
| Machinery and equipment | -1,7 |
| Transport material | -2,9 |
| Electricity, gas and steam | 0,8 |
(p)Provisional data
Data corrected for calendar effects
(1)Sectors with greatest weight in basque industry
Date July 4, 2024
Source: Eustat. Industrial production index
The year-on-year evolution of the Industrial Production Index in May 2024 was negative in Álava and Bizkaia, with decreases in production of 4.0% and 3.0%, respectively. However, in Gipuzkoa, industrial production increased by 2.9%.
CUMULATIVE BALANCE IN MAY 2024
In the cumulative total for the first five months of the year, the Industrial Production Index decreased by 0.3%. Cumulative production until May fell by 1.9% in both Consumer Goods and Intermediate Goods. However, Capital Goods performed positively, with a 3.5% rise in production compared to the same cumulative period of the previous year. In Energy, cumulative production until May increased by 2.4%.
By province, the cumulative total for the first five months of 2024 closed with a negative balance in Álava and Bizkaia, with decreases in production of 3.1% and 1.0% respectively. In contrast, production in Gipuzkoa rose by 2.0% compared to 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 89.14% 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