According to the report from the National Statistics Institute (INE), industrial production increased significantly in November, offsetting the October drop, and exceeding experts' forecasts.
The data showed that industrial production increased by 4.5% on a monthly basis after a 0.3% decline in October. The latest increase was the most significant since July 2020.
All sectors showed positive monthly rates. It is worth highlighting the increase in Non-durable
consumer goods (7.8%) followed by Energy (4.8%).
Meanwhile, in annual terms, industrial production increased by 4.8% after a decline of 0.7% in October (revised from -0.9%). Economists had expected an increase by 0.6%. Four of the five sectors showed positive annual rates. It is worth highlighting the increase in Non-durable consumer goods (14.1%) followed by Energy (10.2%). The only sector that decreased was Capital goods (−2.2%).
Spain's manufacturing sector is supported by high demand for goods, but supply chain disruptions and high inflation are limiting the sector's growth. Meanwhile, economists note that supply chain and logistics problems are likely to ease somewhat this year.