Data published by the National Statistics Institute (INE) showed that industrial production increased by 0.8% per annum in November, partially offsetting the October drop of 1.4% (revised from -1.5%). Economists had expected an increase of 0.3%. This was the first increase in production since March 2023. On a monthly basis, industrial production increased by 1% after falling by 0.7% in October.
INE said that compared with November 2022, the production of capital goods rose by 5.6% after an increase of 3% in October. The production of durable consumer goods increased by 2.8%, offsetting the October drop (-1.1%), and energy production increased by 1.7% after a 6.2% decline in October. A decrease in production was recorded in the intermediate goods sector (-1.3% vs. -1.6% in October) and the non-durable consumer goods sector (-1.1% vs. -1.2% in October).
The report also showed that, in annual terms, industrial production increased in 11 autonomous districts and decreased in the remaining 6 autonomous districts.