In May 2023, the national output of industry changed by 0.3% from April, in the seasonally-adjusted series. Against May 2022, in the non-adjusted series, industry increased by 1.9%. The cumulative result in the first five months in 2023 shows a drop of 0.4%; in 12 months, there was null change (0.0%). The quarterly moving average was 0.3%.

Industrial production, having changed by 0.3% in May 2023, increased once more after a drop of 0.6% in April. Positive rates were observed in three of the four major economic categories and in 19 of the 25 industrial subsectors surveyed. With these results, the industrial sector was still 1.5% below the record level of the pre-pandemic period (February 2020) and 18.1% below the record level of May 2011.

Among the activities, the most significant positive influences came from coke, petroleum products and biofuels (7.7%), motor vehicles, trailers and bodies (7.4%) and machinery and equipment (12.3%). The first item recorded increase in production for the fourth consecutive month, with a cumulative gain of 15.0%; the second item increased once more after a loss of 2.6% in the months of April and March; and the third one eliminated part of the decrease of 11.7% observed in the previous month. Other activities with positive results in May were mining and quarrying industry (1.2%), metal products (6.1%), other transportation equipment (10.2%), basic metals (2.1%), miscellaneous products (6.6%) and leather, travel articles and footwear (4.9%).  

On the other hand, among the six activities recording decrease in production, food products (-2.6%) and pharmaceuticals (-9.7%) accounted for the main impacts on the results of May 2023. The former recorded decrease in production for the fifth consecutive increase, a period when it had a cumulative loss of 9.7%; the latter recorded a higher decrease than in April (0.4%).

Among the major economic categories, also against the immediately previous month, durable consumer goods (9.8%) and capital goods (4.2%) accounted for the most significant results in May 2023, both increasing again after a decrease in the previous month: -4.5% and -11.8%, respectively. The segment of intermediate goods (0.1%) also recorded a positive result in the month and marked the four consecutive month with increase of output, with a cumulative gain of 1.9%.

On the other hand, producers of semi and non-durable goods (-1.1%) recorded its only drop in May 2023, having eliminated the increase of 0.9% in the previous month.

Quarterly moving average changes by 0.3% in quarter ended May

Also in the seasonally adjusted series, the quarterly moving average of he industry showed a positive change of 0.3% in the quarter ended May 2023 agains the level a month ago, after advancing last April (0.1%) and March (0.2%).

Among the major economic categories, also against the marginal index, durable consumer goods (2,5%) recorded the the highest positive rate in May 2023 and interrupted a series of three consecutive months with decrease, and a cumulative loss of 1.3%. Producers of intermediate goods (0.5%) also recorded increase in the month and kept the upward trend initiated February this year.

On the other hand, othe segment of semi and non-durable goods (-0.3%) recorded the only negative result in May 2023 and reversed the positive change of 0.1% registered last April. Producers of capital goods recorded a null change (0.0%) this month, after reducing 1.5% in April and advancing 1.2% in March, when it interrupted the downward trend initiated May 2022.

Industry advances 1.9% from May 2022

Compared with May last year, industry advanced 1.9% in May 2023, with positive figures in three of the four four major economic categories, 9 of the 25 sectors, 38 out of 80 groups and 43.9% of the 789 products surveyed. It is worth mentioning that May 2023 (22 days) had the same number of business days as the same month a year ago (22).

Among the activities, the main positive influences came from mining and quarrying industry (12.0%), coke, petroleum products and biofuels (7.1%) and food products (5.8%), mainly driven by the increased production of crude oil and iron, manganese and copper ore, in the first activity; ethyl alcohol, diesel, gasoline, liquefied petroleum gas (LPG) and fuel oils, in the second one; and VHP and crystallized sugar, and chilled pork and beef, concentrated orange juice, condensed milk, chilled or frozen fish, frozen poultry meat and giblets, and ground and toasted coffee, in the third one.

The sectors other transportation equipment (23.9%), motor vehicles, trailers and bodies (2.8%) and printing and reproduction of recorded media (18.8%) also recorded negative results.

On the other hand, also against May 2022, among the 16 activities with decrease in production, chemicals (-6.4%), electrical machinery and apparatus (-16.7%) and computer equipment, electronic and optical products (-13.6%) accounted for the main contributions to the industry average. Other negative impacts were those recorded by manufacture of wearing apparel and accessories (-9.6%), wood products (-15.3%), non-metallic mineral products (-6.2%), metal products (-4.4%), machinery and equipment (-3.0%) and beverages (-3.3%).

Segment of durable consumer goods advances 11.1% against May 2022

Among themajor economic categories , durable consumer goods (2.0%) recorded the steepest expansion compared with the same month a year ago. The sectors producing capital goods (4.0%), intermediate goods (2.1%) and semi and non-durable consumer goods (1.9%) also reported positive figures this month, the first one reporting a more intense growth than that noticed in the industry average (2.8%), and the last two ones recording a more moderate advance. Having fallen 2.9%, the sector producing capital goods recorded the only negative figure this month.

The sector of durable consumer goods grew 11.1% in March 2023 against the same period a year ago, third consecutive positive rate in this type of comparison. That sector was leveraged by the expansion in the manufacture of cars (12.8%). It is also worth mentioning the advances in the groups of brown goods (3.2%) and of other household appliances (23.5%). On the otehr hand, furniture (-5.6%) accounted for the main negative impact.

The production of intermediate goodsgrew by 3.1% as for the monthly index in May 2023, and interrupued a series of five consecutive months with increase in this type of comparison.

Also against the same month a year ago, semi and non-durable consumer goods recorded an increase of 0.in April, when it interrupted a series of four consecutive months of increase in output.

The sector of capital goods decreased by 11.6 % in May 2023 from the same period in the previous year, the 9th consecutive positive rate in this kind of comparison.

Cumulative index in the year recorded a decrease of 0.4%

In the cumulative index against the same period a year ago, the industrial sector dropped by 0.4%, with negative figures in two of the four major economic categories, 14 of the 25 sectors, 45 of the 80 groups and 54.8% of the 789 products surveyed.

Among the activities, the major negative influences on the industry overall were registered by chemicals (-7.9%), electrical machinery and apparatus (-11.4%), non-metallic mineral products (-9.1%), wood products (-18.6%), machinery and equipment (-5.5%) and computer equipment, electronic and optical products (-9.4%).  

It is also worth mentioning the negative contributions of wearing apparel and accessories (-9.7%), of basic metals (-3.7%), of metal products (-3.9%), of motor vehicles, trailers and bodies (-1.5%) and miscellaneous products (-6.9%). 

On the other hand, also in comparison with May 2022, among the 11 activities that recored decreasse in output, mining and quarrying industry (4.7%), coke, petroleum products and biofuels (4.3%), pharmaceuticals (15.2%) and food products (2.0%) accounted for the main contributions to the industry overall.

Among the major economic categories, the profile of results for the first five months in 2023 showed reduced dynamism for capital goods (-9.6%), due, to a great extent, to the manuafcture of capital goods for electricity (-27.0%), for industrial use (-8.4%) and for transportation equipment (-5.3%). producers of intermediate goods (-1.0%) also recorded a negative result and a more significant decrease than in the average of industry (-0.4%).

On the other hand, durable consumer goods (7.8%) recorded the main increase in the first five months of 2023, driven by the increased production of cars (8.3%), household appliances (13.7%) and motorcycles (18.5%). Producers of semi and non-durable goods also recorded increase in the cumulative indicator in the year.