In the seasonally-adjusted series, the national industrial output retreated 0.5% in April 2024 over March, interrupting two consecutive months of rises, a period in which it accumulated an expansion of 1.0%. The quarterly moving average positively changed 0.2% in the quarter ended in April 2024 against the level of the previous month.

Industry advanced 8.4% over April 2023 after retreating 2.8% in March, when it interrupted seven consecutive months of positive figures in this comparison. As a result, the industrial sector grew 3.5% over the first four months of 2024. The cumulative index over the last 12 months advanced 1.5%, stepping up the pace against the results of previous months.

Having reduced 0.5% in April 2024 over the immediately previous month in the seasonally-adjusted series, the industrial sector offset part of the cumulative gain of 1.0% registered in the months of March and February 2024. Unlike the previous month, positive rates prevailed this month, since three out of four broad economic categories and 18 out of 25 industrial activities surveyed expanded their output.

With these results, the industrial production was 0.1% below the record level of the pre-pandemic period (February 2020) and 16.8% below the record level of May 2011.

Mining industries and food products have the biggest negative influences

Among the activities, the most important negative influence was recorded by mining and quarrying industries, which retreated 3.4% this month, after advancing 0.4% in March, when it interrupted two consecutive months of dropping production, a period in which it accumulated a loss of 8.2%. Other relevant negative contributions on the overall industry came from food products (-0.6%), coke, petroleum products and biofuels (-0.6%) and computer equipment, electronic and optical products (-2.6%).

Motor vehicles stand out among 18 activities on the positive side

Among the 18 activities that expanded their output, that of motor vehicles, trailers and bodies (13.2%) exerted the major impact in April 2024, after retreating 4.6% in the previous month, when it interrupted three consecutive months of positive rates, a period in which it accumulated a gain of 14.6%.

It should also highlight the advances registered by the sectors of miscellaneous manufacturing (25.1%), pharmaceuticals (10.8%), electrical machines, appliances and material (9.0%),  machinery and equipment (5.1%), chemicals (2.2%), maintenance, repair and installation of  machinery and equipment (8.7%), manufacture of wearing apparel and accessories (5.3%), printing and reproduction of recorded media (12.4%), leather, travel articles and footwear (4.9%), other transportation equipment (5.3%), basic metals (1.4%) and non-metallic mineral products (2.4%).

Only the category of intermediate goods recorded a negative rate in April

Among the broad economic categories, still comparing with the immediately previous month, intermediate goods retreated 1.2% and registered the only negative figure in April 2024, offsetting the advance of 1.1% reported in the previous month.

On the other hand, the segments of durable consumer goods (5.6%) and capital goods (3.5%) recorded the highest positive rates this month, both of them offsetting the drops registered last March: -3.4% and -0.4%, respectively. The sector of semi and non-durable consumer goods (0.1%) also registered a positive figure in April 2024 and marked the third consecutive month of growth in the production, a period in which it accumulated a gain of 1.7%.

Moving average changes 0.2% in April 2024

Still concerning the seasonally-adjusted series, the evolution of the quarterly moving average index for the overall industry pointed to a positive change of 0.2% in the quarter ended in April 2024 against the level of the previous month, thus maintaining the predominantly upward trend started in February 2023.

Among the broad economic categories, still concerning the marginal movement of this index, durable consumer goods (1.9%) and capital goods (1.7%) recorded the highest positive figures in April 2024, the former maintaining the upward trend started in November 2023, and the latter reporting the fourth consecutive month of growth, a period in which it accumulated a gain of 13.2%. The segment of semi and non-durable consumer goods (0.6%) also registered a positive result this month, after advancing in March (0.4%) and February 2024 (0.1%).

Having retreated 0.3%, the sector producing intermediate goods recorded the only negative figure in April 2024 and marked the third consecutive month of drop, a period in which it accumulated a loss of 1.8%.

Industry advanced 8.4% in relation to April 2023

Compared with April 2023, the industrial sector grew 8.4% in April 2024, with positive figures in four out of four broad economic categories, 22 out of 25 sectors, 68 out of 80 groups and 70.3% of the 789 products surveyed. It is worth mentioning that April 2024 (22 days) had four business day more than the same month in the previous year (18).

Among the activities, the major positive influences on the overall industry were registered by food products (14.4%), motor vehicles, trailers and bodies (31.6%), electrical machines, appliances and material (31.3%) and machinery and equipment (15.8%).

It should also be highlighted the positive contributions recorded by the sectors of fabricated metal products (14.1%), chemicals (5.7%), other transportation equipment (30.7%), manufacture of wearing apparel and accessories (16.4%), rubber and plastic products (8.0%), non-metallic mineral products (9.9%), leather, traveling goods and footwear (15.1%), computer, electronic and optical products (10.5%), furniture (17.6%), beverages (6.6%), pulp, paper and paper products (5.0%) and textiles (12.7%).

Among three activities that reduced the production comparing with April 2023, mining and quarrying industries (-1.6%) and pharmaceuticals (-5.1%) exerted the major influences on the industry average.

All economic categories have positive rates in relation to April 2023

Among the broad economic categories, still comparing with the same month last year, the sector producing durable consumer goods grew 25,8% in April 2024 and registered the highest positive rate since June 2021 (31.7%). This month, the sector was particularly leveraged by the expansion in the manufacture of cars (25.1%), white goods (30.7%) and of the group of other house appliances (75.8%). It is also worth mentioning the advances in the output of motorcycles (41.0%), furniture (19.3%) and brown goods (0.2%).

The production of c expanded 25.5% in April 2024 over the same period a year ago and marked the most intense advance since August 2021 (31.1%). The segment was mainly influenced by the advances observed in the groups of capital goods for transportation equipment (40.6%) and for industry (20.1%).

Still comparing with the same month last year, the segment of semi and non-durable consumer goods advanced 11.5% in April 2024 and recorded the steepest positive rate since May 2021 (14.4%).  The sector of intermediate goods grew 4.6% in April 2024, after retreating 1.4% in the previous month, when it interrupted six consecutive months of growth in this type of comparison.

Industry advances 3.5% in cumulative rate in the year

In the cumulative index for January-April 2024, against the same period a year before, the industrial sector advanced 3.5%, with  positive figures in four out of four broad economic categories, 20 out of 25 sectors, 52 out of 80 groups and 57.3% of the 789 products surveyed. Among the activities, the major positive influences on the overall industry were reported by food products (6.3%), coke, petroleum products and biofuels (5.0%), motor vehicles, trailers and bodies (8.0%) and mining and quarrying industries (3.0%)

Among the four activities that reduced their output in the comparison with January-April 2023, pharmaceuticals (-13.8%) exerted the major influence on the industry average, pressed, to a great extent, by the smaller production of medicines.

Among the broad economic categories, the profile of the results for the first four months of 2024 pointed out a higher dynamism for durable consumer goods (6.7%). The sectors producing capital goods (4.7%), semi and non-durable consumer goods (4.1%) and intermediate goods (3.2%) also reported positive figures in the cumulative index in the year, with the first two segments registering more intense advances than the industry average (3.5%) and the last one showing a less intense growth.