In the seasonally-adjusted series, the national industrial output changed -0.3% in December 2024 over November. Industry advanced 1.6% in relation to December 2023, the seventh consecutive positive figure in this comparison. The quarterly moving average was -0.4% in December. After changing 0.1% in 2023, industry accumulated a growth of 3.1% in 2024. Industry accumulated a rise of 3.1% in the fourth quarter of 2024 over the same period last year.

Having negatively changed 0.3% in December 2024 over November in the seasonally-adjusted series, the industrial sector registered the third consecutive month of drop in the output and offset the cumulative gain of 1.0% in the months of September and August 2024.
Negative rates prevailed this month, since three out of four broad economic categories and 15 out of 25 industrial activities surveyed retreated their output.
It should be highlighted that, with those results, the industrial output was 1.3% above the pre=pandemic level (February 2020), though still 15.6% below the record level reached in May 2011. Still in the seasonally-adjusted series, the overall industry recorded a negative change of 0.4% in the quarterly moving average index in December 2024 and stepped up the loss of pace noticed in the last months.
Among the activities, the most important negative influences were reported by machinery and equipment (-3.0%) and rubber products and plastic material (-2.5%), the former interrupting two consecutive months of growth in the output, a period in which it accumulated a gain of 4.2%, and the latter reducing 3.7% in two consecutive months of drop in the output. Other relevant negative contributions to the overall industry came from basic metals (-1.5%), miscellaneous manufacturing (-5.6%), chemicals (-0.8%), motor vehicles, trailers and bodies (-0.8%), leather, traveling goods and footwear (-3.4%) and non-metallic mineral products (-1.6%).
Among eight activities that expanded their output, mining and quarrying industries (0.8%) and beverages (3.2%) exerted the major impacts in December 2024, the former registering a gain of 1.1% in two consecutive months of growth in the output, and the latter interrupting four consecutive months of negative rates, a period in which it accumulated a loss of 8.2%. It should also be highlighted the positive contributions recorded by the sectors of pulp, paper and paper products (2.2%), manufacture of wearing apparel and accessories (4.0%), pharmo-chemicals and pharmaceuticals (2.9%) and textiles (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 (-1.8%), durable consumer goods (-1.6%) and capital goods (-1.1%) recorded the negative figures in December 2024, the first one reporting the third consecutive month of drop in the output, a period in which it accumulated a reduction of 5.2%, and the last two ones retreating in the last two months of 2024 and accumulating losses of 4.5% and 3.5%, respectively. Having advanced 0.6%, the segment of intermediate goods registered the only positive rate in December 2024 and offset the drop of 0.6% recorded in the previous month.

Moving average was -0.4% in quarter ending in December
Still in the seasonally-adjusted series, the evolution of the quarterly moving average index for the overall industry registered a negative change of 0.4% in the quarter ended in December 2024 over the previous month, after recording 0.0% in November, 0.3% in October and -0.2% in September 2024.
Still concerning the marginal movement of this index among the broad economic categories, semi and non-durable consumer goods (-1.8%) reported the highest negative rate in December 2024 and registered the fourth drop in a row, a period in which it accumulated a loss of 3.8%. The sector producing capital goods (-0.6%) also registered a negative figure this month and interrupted three consecutive months of growth, a period in which it accumulated a gain of 2.8%. After recording negative rates in November (-0.3%) and October 2024 (-0.1%), the sector producing durable consume goods recorded a null change (0.0%) this month.
In contrast, the segment of intermediate goods (0.2%) registered the only positive figure in December 2024 and maintained the upward path started in May 2024.
Industry advances 1.6% over December 2023
Compared with the same month last year, the industrial sector expanded 1.6% in December 2024, with positive figures in three out of four broad economic categories, 17 out of 25 sectors, 53 out of 80 groups and 58.0% of the 789 products surveyed.
It is worth mentioning that December 2024 (21 days) had one business day more than the same month in the prior year (20).
Among the activities, the major positive influences on the overall industry were registered by chemicals (10.4%), motor vehicles, trailers and bodies (12.8%), pharmo-chemicals and pharmaceuticals (27.1%) and machinery and equipment (12.6%).
Other important positive contributions were recorded by the sectors of computer equipment, electronic and optical products (22.0%), basic metals (7.4%), electrical machinery and apparatus (11.9%), textiles (18.3%), metal products (5.1%), printing and reproduction of recorded media (23.4%), manufacture of wearing apparel and accessories (6.3%), pulp, paper and paper products (2.6%) and maintenance, repair and installation of machinery and equipment (6.3%).
Among eight activities that reduced their output compared with December 2023, mining and quarrying industries (-7.0%), food products (-3.7%) and coke, petroleum products and biofuels (-1.9%) exerted the biggest influences on the average industry.
It should also be highlighted the negative impacts registered by the sectors of leather, traveling goods and footwear (-9.0%) and beverages (-2.9%).
Still comparing with the same month last year among the broad economic categories, capital goods (13.7%) and durable consumer goods (9.8%) recorded the most significant positive rates. The sector producing intermediate goods (1.5%) also grew its output this month, though less than that reported by the industry average (1.6%). On the other hand, the segment of semi and non-durable consumer goods (-1.8%) registered the only negative figure in December 2024.
Industry advanced 3.1% in the last quarter of the year
Having expanded 3.1% in the period from October to December 2024, the industrial sector maintained the positive behavior started in the last quarter of 2023 (1.1%), though it reduced the growth pace against the result of the third quarter of 2024 (3.9%), all of them compared with the same period a year ago.
The less dynamic movement between the third and fourth quarter of 2024 was registered in two out of four broad economic categories, highlighted by semi and non-durable consumer goods (from 2.7% to -0.1%), influenced, to a great extent, by a smaller production of food and beverages for domestic consumption (from 1.4% to -1.8%) and of fuels (from 2.7% to -5.0%).
The sector producing intermediate goods (from 3.0% to 2.8%) also lost pace between those two periods, whereas the segments of capital goods (from 11.9% to 14.3%) and of durable consumer goods (from 16.4% to 16.8%) gained dynamism and maintained the two-digit growth in the index of the fourth quarter of 2024.
Industry closed 2024 with an advance of 3.1%
In the cumulative index in the year compared with the same period last year, the industrial sector advanced 3.1%, with positive figures in four out of four broad economic categories, 20 out of 25 sectors, 60 out of 80 groups and 63.1% of the 789 products surveyed.
Among the activities, the major positive influences on the overall industry were recorded by motor vehicles, trailers and bodies (12.5%), computer equipment, electronic and optical products (14.7%), electrical machinery and apparatus (12.2%), food products (1.5%) and chemicals (3.3%).
It should also be highlighted the positive impacts registered by the sectors of rubber products and plastic material (5.1%), coke, petroleum products and biofuels (1.2%), fabricated metal products (5.0%), basic metals (2.7%), other transportation equipment (10.4%), furniture (9.5%), machinery and equipment (2.8%), pulp, paper and paper products (2.6%) and non-metallic mineral products (3.9%).
Among four activities that reduced their output compared with January-December 2023, those of maintenance, repair and installation of machinery and equipment (-2.1%) and of pharmo-chemicals and pharmaceuticals (-1.2%) exerted the biggest influences on the industry average.
Among the broad economic categories, the profile of the results for the 12 months of 2024 showed more dynamism for durable consumer goods (10.6%) and capital goods (9.1%), leveraged, to a great extent, by a bigger production of household appliances (23.8%) and cars (5.3%) in the former, and of capital goods for transportation equipment (18.2%), for industrial use (8.2%) and for mixed use (19.4%) in the latter.
The sectors producing intermediate goods (2.5%) and semi and non-durable consumer goods (2.4%) also registered positive figures in the cumulative index in 2024, though both of them recorded less significant advances than the industry average (3.1%).