He general activity level record a drop of 3% year-on-year in December, accumulating a contraction of 1.5% for the entire year 2023. For its part, The seasonally adjusted measurement registered a loss of 0.4% compared to the previous monthindicated the consultant Orlando Ferreres.
A report also revealed that for the year that has just begun, its projections anticipate a contraction of economic activity.
“The fiscal and monetary adjustment promoted by the Governmentadded to the very high nominal value that is producing The reordering of economic variables and the release of regulated prices will impact family incomeand consequently in internal consumption,” they advanced.
In contrast, for the primary sectors “we can expect greater dynamism” and they explained that “Agriculture will return to production levels in line with previous years without droughtand we hope that deregulation will strengthen incentives to invest in the oil and mining sectors.”
Sector by sector: how it fared
Agriculture and Livestock. The agricultural sector recorded an advance of 2.2% in the annual comparison in December, as a result of the expansion observed in the agricultural sector of 17.8%, while livestock farming registered a fall of 9.3%. Anyway, The accumulated for the entire sector closes the year 2023 with a decrease of 18.6%explained by the drought that affected the sector as a whole, the report stated.
Manufacturing industry. The manufacturing industry had a drop of 6.4% in the annual comparison in December. Among the items, In December, the strong contraction shown by the base metals industry was surprising, with an annual fall of 25.8%followed by new declines in food (-8.8%) and non-metallic minerals (-10.0%). The year 2023 thus accumulates a drop of 1.7% for the industryhighlighted Ferreres.
Electricity, gas and water. The public services sector recorded a decrease of 6.8% in the last month of the year, accumulating a contraction of 1.2% for the total of 2023. In the detail of the electrical sector, CAMMESA reported electricity generation 3.7% lower than in December 2022explained in part by the lower demand caused by the comparatively milder temperatures of last December.
Mines and Quarries. The mining and quarrying sector recorded an annual increase of 1.6% in December. Among the main items, crude oil production showed a growth of 10.1%, while natural gas production observed a drop of 11.1% according to data provided by the Ministry of Energy. This way, The accumulated total for 2023 registers a growth of 5.6% for this sector in the annual measurementand closes as the most dynamic sector of activity in the year that has just ended.
Source: Ambito
