Industrial production decreased by 2.1%, in nominal terms, reflecting price stabilisation

According to the provisional results of the Annual Survey on Industrial Production (IAPI), in 2023, the total sales of products and services in the Manufacturing industries (Divisions 10 to 33, 35 and 38 of CAE Rev.3) decreased by 2.1%, in nominal terms, totalling EUR 117.1 billion (+23.6% and EUR 119.6 billion in 2022).

A significant part of this variation is justified by the effect of price stabilisation, given that the industrial production price index (IPPI) had no change compared to 2022.

The major contributions to the negative evolution of the total sales of products and services were identified in the activities of Manufacture of coke, refined petroleum products and fuels briquettes (Division 19), with -2.1 p.p., followed by Manufacture of chemicals, chemical products and man-made fibres, except pharmaceutical products (Division 20), with -1.4 p.p., and Manufacture of paper and paper products (Division 17), with -0.9 percentage points. According to the IPPI, these divisions are among those that recorded the highest price reduction in industrial production in 2023 compared to 2022, highlighting the decrease of 12.1% in Division 20.

The Division 10 - Manufacture of food products remained the division with the highest relative weight in the total sales of products and industrial services (14.7%), recording an increase of 8.4% over 2022. It was followed by Division 29 - Manufacture of motor vehicles (weight of 9.5%; +3.2% compared to 2022) and Division 19 - Manufacture of coke, refined petroleum products and fuels briquettes (weight of 8.2%; -20.4% compared to 2022).

Among the products with the highest sales value stood out the Gas oils, the Other parts and accessories, n.e.c., for vehicles and the Hydraulic electricity.