The General Industrial Production Index (IPI) fell by 0.8% in May compared to the same month of 2024, moderating the almost five-point drop recorded in April (-5.7%), as reported by the National Institute of Statistics (INE) on Friday.
With the decline in May, industrial production has had two consecutive months of negative rates after the strong rebound experienced in March, of 8.2%.
Adjusted for seasonal and calendar effects, industrial production increased by 1.7% year-on-year in May, 1.1 points higher than in April and the highest since December 2024.
GRAPHIC ARTS AND LEATHER AND FOOTWEAR LEAD THE DECLINES
The 0.8% decline in industrial production in May was the result of falls in almost all sectors, mainly in durable consumer goods (-2.5%) and intermediate goods (-2.4%). Production also decreased in non-durable consumer goods (-0.6%) and capital goods (-0.4%). On the other hand, production only increased in energy (+1.5% year-on-year).
By branches of activity, the largest year-on-year declines in production in May, in double digits, were in graphic arts (-19.7%), the leather and footwear industry (-15.6%), garment manufacturing (-15.2%), and coking and petroleum refining (-14.8%).
On the contrary, the largest increases in production were recorded in other extractive industries (+11.7%), manufacture of other transport equipment (+4.8%), and manufacture of computer products (+4.6%).
TEN COMMUNITIES CUT THEIR INDUSTRIAL PRODUCTION
Ten autonomous communities reduced their industrial production in May compared to the same month in 2024, especially the Basque Country (-7%), La Rioja (-5.4%), Extremadura (-3.5%), the Canary Islands (-3.4%), and the Valencian Community (-3.1%).
On the other hand, Galicia (-1.5%) and Madrid (-1.7%) had more moderate declines.
In contrast, seven regions increased their industrial production in May year-on-year, led by Andalusia (+6.3%), Aragon (+4.9%), and Castilla y León (+3.6%).
MONTHLY INCREASE IN PRODUCTION
In monthly terms (May over April) and within the seasonally and calendar-adjusted series, industrial production rose by 0.6%, contrasting with the 0.7% decline experienced in the previous month.
By sectors, energy showed the largest monthly increase, at 2.1%, while durable consumer goods recorded the biggest decrease (-0.5%).
In the first five months of the year, industrial production has decreased by an average of 0.5% compared to the same period in 2024, with notable declines in motor vehicle manufacturing (-9.9%) and the leather and footwear industry (-8.7%).
