In March, industrial activity was three points lower than in January and February, with four negative communities: Galicia, Castilla y León, Cantabria and the Valencian Community
The month of March was convulsive for the Spanish industry. The war in Ukraine, which began in late February, began to affect the economy with rising commodity prices and lack of supplies. But above all, there was a strike in the transport sector, which succeeded in paralyzing the distribution of many foodstuffs, and even forced the dairy sector to stop production for several weeks.
This impact is reflected in industrial production data released this Friday by the INE, which shows that the index rose just 1.1% in March, three points less than the previous month. And it is that in January and February industrial production index (IPI) growth was high (4.3% and 4.1%), respectively, following the good trend of the end of the previous year, from 5 .5% in November and 3.1% in December.
In terms of industries, the mining industry, which slowed its growth rate by -21.4%, was hardest hit by the war and transportation crisis in March, motor vehicle production (-13.2%) and water supply (-7.2%) 9%). There are those that have increased their production, such as the manufacture of transport equipment (18%), the manufacture of pharmaceuticals (17%) and the wood and cork industry (15.4%).
But the carriers’ strike did not have the same effect across Spain. There were some communities where the supply of raw materials was worse than in others, such as Galicia or Castilla y León. So these two were the ones that recorded the biggest year-on-year declines in their industrial output in March, dropping -10% and -7.3% respectively. Cantabria (-5.6%) and the Valencian Community (-3.8%) also remained negative.
However, those who saw their activity grow to a greater extent in the month of March were the Balearic Islands (16%), Extremadura (9%), Navarre (8%), the Canary Islands (6.7%) and Madrid (6.6 %) ).
At a monthly rate (March over February), industrial production fell by 1.8%, the largest decrease since May 2021. The largest decreases were recorded by the production of non-metallic mineral products (-11.6%), the production of clothing (-11%) and the extractive industry (-9.3%). By contrast, the largest monthly increases were recorded in pharmaceutical production (18.85), the tobacco industry (12.7%) and graphic arts (5%).
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
