Spain's industrial production sees modest increase in 2024

Friday 07 February 2025 - 16:35

Spain's industrial production saw a modest rise of 0.7% in 2024, marking a recovery from the 1.6% decline in 2023, according to the National Institute of Statistics (INE). Although the growth represents an improvement, it remains lower than previous years, including a 2.3% increase in 2022 and a 7.1% surge in 2021, which was driven by a strong post-pandemic rebound.

The growth in industrial production was primarily driven by the increase in intermediate goods (up by 1.2%) and non-durable consumer goods (up by 2.5%). However, other sectors, such as energy (down by 0.8%), durable consumer goods (down by 0.7%), and capital goods (down by 0.3%), experienced declines.

Significant growth was seen in the production of computer products (up by 17.7%) and pharmaceuticals (up by 10.9%), the only sectors to post double-digit growth. There were also increases in the paper industry (up by 4.8%), chemicals (up by 3.7%), and petroleum refining (up by 3.4%).

On the other hand, the leather and footwear industry saw a notable drop of 8.3%, and the textile sector decreased by 3.1%.

The General Industrial Production Index (IPI), adjusted for seasonal and calendar effects, grew by 0.4% in 2024, supported by the increase in non-durable consumer goods (up by 2%) and intermediate consumer goods (up by 0.8%).

Regionally, eight autonomous communities experienced a rise in industrial production in 2024, with notable increases in Castile and León (up by 3.9%), Catalonia (up by 3.4%), and La Rioja (up by 2.6%). Conversely, the Balearic Islands (down by 4.4%), Cantabria (down by 3.9%), and the Valencian Community (down by 2.8%) recorded the most significant declines.