Industrial production soared 7% in 2021 and registered the largest increase since 1994



Industrial production rose again last year compared to the drop registered in 2020. The General Industrial Production Index (IPI) soared an average of 7% in 2021, marking its biggest annual rebound since 1994when this indicator rose by 7.3%, the National Institute of Statistics (INE) reported on Tuesday.

As 2021 progresses, industrial production returns to positive rates after the 9.2% drop it suffered in 2020 as a result of the pandemic and the restrictions associated with it.

In 2021, all sectors increased their production, although with different intensity. The The most significant rises occurred in durable consumer goods (+18%) and in intermediate goods (+9.9%)followed by non-durable consumer goods (+6.8%), capital goods (+6.4%) and energy (+2.7%).

Adjusted for seasonal and calendar effects, industrial production increased by 7.2% in 2021, with rebounds in all sectors, especially in durable consumer goods, where production rose at a double-digit rate (+18%) .

In the last month of 2021, industrial production increased by 2.7% compared to December 2020, a rate 2.7 points lower than that registered in November.

In monthly terms (December 2021 over November of the same year) and within the corrected series, industrial production fell by 2.6%, its largest monthly decrease since April 2020.

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