Sunday, July 3

Industry shows economic recovery but at a slower pace

The industry turnover rose 7.8% in October With respect to the same month of 2020, a rate 4.7 points lower than that of September, according to data released this Tuesday by the National Institute of Statistics (INE). With this advance, the industry’s turnover adds up eight consecutive months of promotions after having previously chained a year of negative year-on-year rates due to the covid crisis. Industry in Spain reflects the situation of recovery and general economic growth in the economy, although with growth rates somewhat lower than those maintained in previous months. The Industry Turnover Indices (ICN) are short-term indicators whose objective is to measure the monthly evolution of demand directed at industrial branches, excluding construction.

In monthly terms (October over September) and in data corrected for seasonality and calendar, the industry registered an increase in sales of 1.5% in the tenth month of the year, a rate almost one point higher than that of the previous month. By economic destination of the goods, energy (6.7%), intermediate goods (2.3%) and non-durable consumer goods (0.9%) show positive monthly rates. On the other hand, capital goods (−0.6%) and durable consumer goods (−0.4%) registered negative rates.

The branches of activity with the highest monthly rates of the index corrected for seasonal and calendar effects are the tobacco industry (22.8%), Other extractive industries (8.8), and coke and oil refining (6.8 %).

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The branches of activity with the lowest monthly rates of the Industry Turnover Index adjusted for seasonal and calendar effects are the manufacture of other transport material (-6.9), manufacture of computer, electronic and optical products ( -3.9), and the manufacture of pharmaceutical products (-3.9%).

The turnover increased compared to October 2020 in 12 autonomous communities and decreased in the other five. The largest increases occurred in Andalusia (30.5%), Region of Murcia (28.3%) and Principado de Asturias (21.7%). The greatest decreases occurred in Comunidad Foral de Navarra (−6.7%), Aragon (−4.2%) and Comunidad de Madrid (−3.7%).

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