The General Industrial Production Index (IPI) rose 1.2% year-on-year last January, a rate 4.3 points higher than that of December 2022, as reported on Tuesday by the National Statistics Institute (INE).

With the advance in January, industrial production returns to positive year-on-year rates after the last two months of 2022 showed falls of 1.4% (November) and 3.1% (December).

The production of the durable consumer goods industry was the one that rose the most at the start of 2023, registering a year-on-year rise of 11.8% in January. They are followed by capital goods (8.6%) and non-durable consumer goods (3.2%).

In contrast, production fell in January in the energy industry (-3.4% year-on-year) and in intermediate goods, where it fell by 2.5% compared to the same month in 2022.

By branches of activity, the ones that increased their production the most in the interannual rate were the manufacture of electrical material and equipment (25.7%) and the manufacture of pharmaceutical products (19.7%).

Among the decreases, the most pronounced were registered by the wood and cork industry (-25.4%); other extractive industries (-12%); extractive industries (-11.3%) and chemical industry (-10.6%).

Adjusted for seasonal and calendar effects, industrial production fell by 0.4% in January compared to the same month in 2022, a rate 1.1 points lower than that of December.

In monthly terms (January 2023 over December 2022), industrial production contracted 0.9%, its biggest monthly decline since last July, when it fell 1.1%.