In August 2024, national industrial production recorded a positive change of 0.1% from July, in the seasonally adjusted series, after a drop of 1.4% in July and an increase of 4.4% in June 2024.

e quarterly moving average increased by 1.0% in the quarter ended August 2024 against the previousmonth. From August 2023, industry advanced by 2.2%, third positive rate in a row, but with the least significant increase in this sequence. As a result, industry grew by 3.0% in the eight months of 2024. As for the last twelve months, the increase of 2.4% kept its positive rate with acceleration of increase against July (2.2%), June (1.5%) and May 2024 (1.2%).

The industrial sector, by recording a positive change of 0.1% in August 2024 from the immediately previous month, in the seasonally adjusted series, is positive again after a drop of 1.4% in the previous month.As for the monthly index, differently from what had been observed in the two preceding months, there was a predominance of negative rates, once 18 of the 25 industrial activities surveyed recorded drops.

With these results, national production is 1.5% above the pre-pandemic level (of February 2020); but it is still 15.4%below the record level of May 2011.

Also in the seasonally adjusted series, the industry overall, for the quarterly moving average index, intensified the pace of increase in the nonth and keeps the predominantly upward trend initiated in August 2023.

In the positive change of 0.1% of industrial activity from July to August 2024, two of the four broad economic categories and only seven of the 25 subsectors surveyed recorded increase in production.

In August, mining and quarrying industries accounted for the most positive influence

Among the activities, the most important positive influence came from mining and quarrying industries, which increased 1.1% this month, after dropping 2.2% in July when it interrupted the two consecutive months of expansion in production, a period in which it accumulated a gain of 5.8%. The positive contributions recorded by the pharmaceuticals (3.6%), computer, electronic and optical equipment (4.0%) and chemical products (0.7%) are also notable.

Motor vehicles is one of the highlights out of the 18 activities in the negative field

On the other hand, among the 18 activities that registered a drop in production, motor vehicles, trailers and bodies (-4.3%), miscellaneous products (-16.7%) and printing and reproduction of recorded media (-25.1%) exerted the main impacts on the industry average. The former interrupted two months of growth in a row, a period in which it had a cumulative expansion of 16.0%; and the latter two eliminated part of the advances recorded in the previous month (20.7% and 30.9%, respectively).

Other significant negative impacts came from electric machinery, appliances and materials (-6.2%), metal products (-4.0%), basic metals (-2.5%), beverages (-3.4%), leather goods, travel articles and footwear (-6.6%), machinery and equipment (-2, 7%), pulp, paper and paper products (-2.5%), manufacturing of wearing apparel and accessories (-3.9%), maintenance, repair and installation of machinery and equipment (-3.6%) and coke, petroleum products and biofuels (-0.4%).

Semi and non-durable consumer goods and intermediate goods registered positive rates

Among the broad economic categories, still in comparison with the previous month, semi and non-durable consumer goods (0.4%) and intermediate goods (0.3%) registered positive rates in August 2024, both of them reversing the declines registered in the previous month: -3.1% and -0.4%, respectively.

On the other hand, capital goods (-4.0%) and durable consumer goods (-1.3%) marked the negative results, with both interrupting two consecutive months of growth in production, a period with cumulative expansion of 2.8% and 14.1%, respectively.

Moving average increased by 1.0% in August 2024

Also in the seasonally adjusted series, the quarterly moving average for total industry increased by 1.0% in the quarter ending in August 2024 compared with the previous month, and has been on an upward trend since August 2023.

Still in relation to the movement of this index on the margin, among the broad economic categories, durable consumer goods (4.0%) recorded the highest positive rate in August 2024 and intensified the advances recorded in July (2.4%) and June (1.6%) 2024. The sectors producing intermediate goods (0.8%) and semi and non-durable consumer goods (0.6%) also showed an increase in production this month, with the former marking the third month of expansion in a row, a period with a cumulative gain of 1.5%; and the latter continuing on the upward trajectory that began in November 2023.

Capital goods, on the other hand, dropped 0.4%, marked the only negative result in August 2024 and interrupted the upward trend that started in December 2023.

Industrial production increased by 2.2% against August 2023

Compared to August 2023, the industrial sector expanded by 2.2% in August 2024, with positive results in four broad economic categories, in 18 of the 25 sectors, 50 of the 80 groups and 56.0% of the 789 products surveyed. It is worth mentioning that August 2024 (22 days) had one working day less than the same month in the previous year (23).

Among the activities, the main positive influences came from mining and quarrying industries (5.6%), motor vehicles, trailers and bodies (12.6%) and chemical products (5.6%).

It is also worth highlighting the positive impacts recorded by the sectors of computer equipment, electronic and optical products (14.0%), metal products (7.6%), rubber and plastic products (5.9%), other transport equipment (15.5%), basic metals (2.6%), electric machinery, appliances and material (5.7%) and furniture (8.5%).

On the other hand, still in comparison with August 2023, among the seven activities that showed a reduction in production, food products (-2.7%) had the greatest influence on the formation of the industry average.

Other important negative impacts were recorded by the sectors of coke, petroleum products and biofuels (-1.3%), printing and reproduction of recorded media (-25.1%), pharmaceuticals (-6.7%), maintenance, repair and installation of machinery and equipment (-7.5%) and pulp, paper and paper products (-3.0%).

Compared to August 2023, all broad economic categories have positive rates

Among the broad economic categories, still in comparison with the same month of the previous year, durable consumer goods (12.1%) showed double-digit growth in August 2024 and the sharpest among the broad economic categories. The sectors producing capital goods (4.9%), intermediate goods (2.4%) and semi- and non-durable consumer goods (0.4%) also showed positive results this month, with the first two showing growth above the industry average (2.2%) and the last one showing more moderate growth.

Durable consumer goods advanced by 12.1% in August 2024 compared to the same period in the previous year, marking the third positive rate in a row.

The production of capital goods showed an expansion of 4.9% in August 2024 compared to the same period in the previous year and showed the fifth consecutive positive rate in this type of comparison.

Also in comparison with the same month of the previous year, intermediate goods advanced 2.4% in August 2024 and marked the third consecutive positive rate in this type of comparison.

The sector producing semi and non-durable consumer goods showed a positive change of 0.4% in August 2024 compared to the same period in the previous year and marked the fifth consecutive positive rate in this type of comparison.

Year to date, industry advances 3.0%

In the cumulative index for January-August 2024, in relation to the same period of the previous year, the industrial sector advanced by 3.0%, with positive results in four of the four broad economic categories, 19 of the 25 sectors, 56 of the 80 groups and 58.8% of the 789 products surveyed. Among the activities, the main positive influences were recorded by motor vehicles, trailers and bodies (8.8%), food products (3.2%), mining and quarrying industries (2.3%) and coke, petroleum products and biofuels (1.8%).

On the other hand, still in comparison with January-August 2023, among the five activities with a reduction in production, pharmaceuticals (-5.4%) had the greatest influence on the formation of the industry average.

Among the broad economic categories, the profile of results for the eight months of 2024 showed greater dynamism for durable consumer goods (8.6%) and capital goods (6.6%). The sectors producing semi and non-durable consumer goods (3.4%) and intermediate goods (2.3%) also showed positive results in the cumulative index for the year, with the former showing a higher advance than that seen in the industry average (3.0%); and the latter recording less intense growth.