In the seasonally-adjusted series, the national industrial output negatively changed 0.2% in October 2024 against September. This result interrupted two consecutive months of growth, a period in which industry accumulated a gain of 1.2%.

In the seasonally-unadjusted series, the overall industry grew 5.8% in October 2024 compared with the same month last year, recording the fifth positive rate in a row. As a result, the industrial sector grew 3.4% in the ten seven months of 2024.

The annualized rate, cumulative indicator in the last 12 months, advanced 3.0% in October, maintaining the positive rate and stepping up the growth pace over the previous months.

Only one out of four broad economic categories and six out of 25 industrial sectors surveyed reduced their output. Among the activities, the most important negative influence came from coke, petroleum products and biofuels, which retreated 2.0% in October, after advancing 4.7% in the previous month, when it interrupted two consecutive months of dropping production, a period in which it accumulated a loss of 3.4%. The negative contributions registered by the sectors of beverages (-1.1%) and mining and quarrying industries (-0.2%) should be highlighted as well.

Among 19 activities that rose their output, motor vehicles, trailers and bodies (7.1%) exerted the major impact in October 2024 and stepped up the growth of 2.8% recorded in September. Other positive contributions were reported by the sectors of manufacture of wearing apparel and accessories (14.1%), chemicals (2.8%), electrical machinery and apparatus (5.4%), pulp, paper and paper products (3.4%), basic metals (2.1%), miscellaneous manufacturing (7.4%), machinery and equipment (2.0%), food products (0.5%) and pharmochemicals and pharmaceuticals (2.9%).

Among the broad economic categories, still comparing with the immediately previous month in the seasonally-adjusted series, semi and non-durable consumer goods (-0.7%) recorded the only negative figure in October 2024 and offset part of the advance of 0.9% accumulated in the months of September and August 2024. On the other hand, the segment of durable consumer goods (4.4%) registered the highest positive rate this month and interrupted two consecutive months of dropping production, a period in which it accumulated a loss of 4.8%. The sectors producing capital goods (1.6%) and intermediate goods (0.4%) showed positive figures in October 2024 as well.

 Quarterly moving average registers positive change of 0.3% in quarter ending in October

Still in the seasonally-adjusted series, the evolution of the quarterly moving average index for the overall industry positively changed 0.3% in the quarter ended in October 2024 over the level of the previous month, maintaining the predominantly upward path started in September 2023.

Among the broad economic categories, capital goods (0.7%), intermediate goods (0.6%) and semi and non-durable consumer goods (0.1%) reported the positive rates in October 2024, the first one maintaining the predominantly upward path started in December 2023; the second one maintaining the sequence of positive figures started in June 2024 and accumulating an expansion of 2.8% in this period; and the last one growing once again after retreating 0.8% in the previous month, when it interrupted the upward trend started in November 2023. In contrast, the sector producing durable consumer goods (-0.2%) registered the only negative rate this month and interrupted four consecutive months of growth, a period in which it advanced 9.0%.

Industry grows 5.8% over October 2023

Compared with the same month last year, the industrial sector expanded 5.8% in October 2024, with positive figures in four out of four broad economic categories, 21 out of 25 sectors, 66 out of 80 groups and 67.7% of the 789 products surveyed. It is worth mentioning that October 2024 (23 days) had two more business days than the same month in the prior year (21).

Among the activities, the major positive influence on the overall industry was recorded by motor vehicles, trailers and bodies (29.9%), leveraged, to a great extent, by the bigger production of items cars, car pieces, tractor trucks for trailers and semi-trailers, bodies for buses and trucks, vehicles for the transportation of goods, and trucks.

It should also be highlighted the positive contributions reported by the sectors of chemicals (7.5%), electrical machinery and apparatus (20.2%), basic metals (8.5%), food products (2.4%), manufacture of wearing apparel (17.0%), computer equipment, electronic and optical products (19.3%), coke, petroleum products and biofuels (1.9%), fabricated metal products (9.2%), rubber and plastic products (6.9%), non-metallic mineral products (9.4%), machinery and equipment (6.1%) and furniture (15.3%).

Among the four activities that reduced their output in comparison with October 2023, mining and quarrying industries (-2.0%) exerted the biggest influence on the industry average, mainly pressed by a smaller extraction of crude petroleum oil.

Among the broad economic categories, durable consumer goods (19.6%) and capital goods (15.3%) recorded a two-digit expansion and the steepest positive rates in October 2024 against the same month in the previous year. The sectors producing intermediate goods (5.0%) and semi and non-durable consumer goods (4.2%) also registered positive figures this month, though with lower advances than that of the industry average (5.8%).

In the cumulative index for January-October 2024, against the same period in the previous year, the industrial sector advanced 3.4%, with positive figures in four out of four broad economic categories, 21 out of 25 sectors, 59 out of 80 groups and 62.5% of the 789 products surveyed.

Among the activities, the major positive influences on the overall industry were recorded by motor vehicles, trailers and bodies (12.1%), food products (2.7%), coke, petroleum products and biofuels (2.0%), electrical machinery and apparatus (12.1%) and computer equipment, electronic and optical products (12.2%).

It should also be highlighted the positive impacts recorded by the sectors of mining and quarrying industries (1.3%), chemicals (2.8%), rubber and plastic products (5.5%), other transportation equipment (11.8%), fabricated metal products (4.7%), furniture (10.5%) and pulp, paper and paper products (3.0%).

Among the three activities that reduced their output in the comparison with January-October 2023, that of pharmochemicals and pharmaceuticals (-3.6%) exerted the biggest influence on the industry average, pressed, to a great extent, by the smaller production of medicines.

Among the broad economic categories, the results for the first ten months of 2024 was more dynamic for durable consumer goods (9.8%) and capital goods (8.3%), leveraged, to a great extent, by the bigger production of household appliances (21.8%) and cars (4.5%) in the former; and of capital goods for transportation equipment (18.4%), for industrial purposes (7.0%) and of mixed use (19.8%) in the latter. The sectors producing semi and non-durable (3.4%) and intermediate goods (2.6%) also recorded positive figures in the cumulative index in the year, with the former repeating the advance in the industry average (3.4%); and the latter reporting a less intense growth.