Industry confirms production shutdown after 2% fall in 2023

Spanish industry turnover closed the 2023 data with an average decline of 1.9%. This puts an end to the growth rate seen over the past two years, according to data compiled by INE.

Following the 2022 and 2021 floods (20.7% and 16.2% respectively), industry performance fell in April last year and remained in the red for the remaining nine months.

At the end of 2023 the average annual variation adjusted for seasonal effects showed a decrease of 1.6%.. The last month of the year recorded the biggest drop in three years – 8.7%, which, taking into account seasonal and calendar effects, amounted to 4.4%.

Despite this decline, the production of electronic components increased turnover by 15% per year, while shipbuilding, railway and aviation construction grew by 13.3%, and the production of consumer electronics, optical instruments and photographic equipment – by 12%.

On the other hand, coking plants and oil refining led the decline. collapse of 20.2%while the chemical industry fell by 18.7%, and metallurgy by 17.3%.

Eurozone bills fell 11.4% and overseas bills fell 4.1%. On the domestic market the decline was 8%.

The services sector just recorded significant growth in billings last year. 19.9%, which was the largest increase since 2001.. By 2023, the number of these enterprises will increase by 2.4%.

In December 2023, the year-on-year change in hotel turnover increased by 10.4%, with accommodation services improving by 12% and food and beverage services by 9.8%.

The Canary Islands top the rankings

Among the autonomous communities, the Canary Islands recorded the largest increase in industrial turnover in 2023, with an average of 7.6%, while Asturias recorded the sharpest decline, with 10.7%.

General, Industrial turnover decreased in eight autonomous regions: Murcia lost 9.5%; Cantabria – 8.3%; Valencian Community – 6.3%; Andalusia – 7.3%; Aragon, 4%; Galicia – 2.9% and Balearic Islands – 2.1%.

However, in La Rioja it increased by 3.4%; in the Madrid Community – 3%; in Castile and Leon – 2.9% and in the Basque Country – 1.6%.

It also advanced in Navarre – 1.5%; Castile-La Mancha, 1.4%; Catalonia – 0.9% and Extremadura – 0.5%.