In the seasonally-adjusted series, the national industrial output changed 0.3% negatively in February 2024 over January. It was the second retreat in a row, with a cumulative loss of 1.8%.

In the seasonally-unadjusted series, the overall industry grew 5.0% in February 2024 compared with the same month last year, the seventh consecutive positive figure in this type of comparison. Still comparing with the same period in 2023, the industrial sector expanded 4.3% in the first two months of 2024.

The annualized rate, cumulative indicator in the last 12 months, advanced 1.0% in February, stepping up the growth pace over the results of January 2024 (0.4%) and December 2023 (0.1%).

 Only one out of four broad economic categories and ten out of 25 industrial sectors surveyed reduced their output. Among the activities, the most important negative influences were recorded by chemicals (-3.5%), mining and quarrying industries  (-0.9%) and pharmaceuticals (-6.0%).

Among the 13 activities that increased their output, motor vehicles, trailers and bodies (6.5%) and pulp, paper and paper products (5.8%) exerted the major positive impacts in February 2024. It should also be highlighted the advances registered by the sectors of non-metallic mineral products (4.5%), rubber and plastic products (3.0%), computer equipment, electronic and optical products (4.2%) and electrical machines, appliances and material (2.4%). 

Among the broad economic categories, also in comparison with the immediately previous month, intermediate goods (-1.2%) registered the only negative rate in February 2024.

On the other hand, the segment of durable consumer goods (3.6%) recorded the steepest growth this month. The sectors producing capital goods (1.8%), and semi and non-durable consumer goods (0.4%) also registered positive figures in February 2024.

Quarterly moving average changes -0.1% in quarter ended in February

Still concerning the seasonally-adjusted series, the evolution of the quarterly moving average index for the overall industry pointed to a negative change of 0.1% in the quarter ended in February 2024 against the level of the previous month, thus interrupting the predominantly upward trend started in February 2023.

Having retreated 0.7%, intermediate goods reported the only negative figure this month and interrupted four consecutive months of growth, a period in which it accumulated an advance of 2.9%. The sector producing semi and non-durable consumer goods registered a null change (0.0%) in February 2024, after recording -0.1% in January 2024 and 0.0% in December 2023.

On the other hand, the capital goods (3.5%) and durable consumer goods (3.8%) recorded positive results this month, the former stepping up the expansion of 2.6% registered last January and the latter maintaining the upward trend started in November 2023. 

Industry advances 5.0% over February 2023

Comparing with the same month in the previous year, the industrial sector advanced 5.0% in February 2024, with positive figures in four broad economic categories, 20 out of 25 sectors, 55 out of 80 groups and 57.7% of the 789 products surveyed. It is worth mentioning that February 2024 (19 days) had one more business day than the same month in the prior year (18).

Among the activities, the major positive influences were reported by food products (8.3%), coke, petroleum products and biofuels (7.5%), mining and quarrying industries (5.3%) and motor vehicles, trailers and bodies (9.8%). It should also be highlighted the positive contributions recorded by the sectors of computer equipment, electronic and optical products (18.1%), pulp, paper and paper products (7.9%), electrical machines, appliances and material (11.0%), beverages (7.3%), rubber and plastic products (5.8%), wood products (16.0%), non-metallic mineral products (5.8%), leather, travel articles and footwear (9.3%) and other transportation equipment (9.6%).

Among five activities that reduced the production, pharmaceuticals (-17.5%) exerted the major influence on the industry average. Another important negative impact was reported by the sector of maintenance, repair and installation of machinery and equipment (-8.3%). 

Still comparing with the same month in the previous year, durable consumer goods (9.3%) recorded the steepest expansion in February 2024 among the broad economic categories. The sectors producing capital goods (5.3%), intermediate goods (5.1%) and semi and non-durable consumer goods (4.8%) also registered positive figures this month.

In the cumulative index for January-February 2024, the industrial sector advance 4.3%, with positive figures in four out of four major economic categories, 20 out of 25 sectors, 48 out of 80 groups and 55.9% of the 789 products surveyed. Among the activities, the major positive influences on the overall industry were reported by coke, petroleum products and biofuels (8.1%), mining and quarrying industries (6.1%) and food products (6.0%).

It should be highlighted the positive impact registered by the sectors of computer equipment, electronic and optical products (16.7%), motor vehicles, trailers and bodies (5.1%), beverages  (8.7%), chemicals (2.8%), wood products (16.1%), electrical machines, appliances and material (7.0%), pulp, paper and paper products (3.8%), rubber and plastic products (3.2%), other transportation equipment (8.3%) and leather, travel articles and footwear (7.9%).

Among five activities that reduced their output, pharmaceuticals (-16.4%) exerted the major influence on the industry average in the comparison with February 2023. Another important negative contribution was recorded by the activity of maintenance, repair and installation of machinery and equipment (-8.4%).

Among the broad economic categories, the profile of the results for the first two months of 2024 pointed out a higher dynamism for durable consumer goods (5.2%) and intermediate goods (4.8%). The sectors producing semi and non-durable consumer goods (4.1%) and capital goods (3.6%) also reported positive figures in the cumulative index in the year, though they registered less intense advances than the industry average (4.3%).