The Industrial production continues to recover and increased by 2.1% in August when compared to the same month last year, an improvement that may deepen in the coming months, as the start-up of UPM 2 and Ancap resume activity at the refinery The Tile.
This was reflected by the Physical Volume Index of the Manufacturing Industry (Ivfim) prepared monthly by the INE, which also registered an improvement of 1.1% during the first eight months of 2023, mainly due to the boost given by the cellulose.
The report of INE positioned the manufacturing of paper and paper products as the division with the greatest positive impact on the industrial product, with a variation of 37.2% and an incidence of 3.7%, something strongly linked to the launch of UPM 2.
Other items that drove the increase were product manufacturing food, with an increase of 7.6% and incidence of 3.1%; and preparation of drinks, with an increase of 14.2% and incidence of 0.8%.
On the other hand, the greatest negative impact was had by the manufacture of substances and chemical products, with a decline of 17.1% and incidence of 1.2%. The refinery followed Petroleum, with a drop of 14.6% and incidence of 0.8%; and the manufacturing of motor vehicles, with a decrease of 18.2% and incidence of -0.8%.
Industrial employment
On the other hand, regarding the employment in the sector, the manufacturing industry revealed a year-on-year increase of 1.7% in the Index of Hours Worked (IHT), although it has accumulated a decline of 0.6% so far this year. At the same time, the Employed Personnel Index (IPO) fell 0.1% compared to August of last year and fell 0.7% so far this year.
As for the hours worked, The area that had the most impact was the production of food products, with an improvement of 4.2% and an incidence of 2.1%. Regarding the decrease in busy staff, The item that had the most impact was the same, with a decrease of 0.9% and an incidence of 0.5%.
Future prospects
He Ivfim, which increased by 2.1% year-on-year, also showed an increase of 3.2% without counting the refinery and an increase of 1.8% in terms of the manufacturing core, something that will be demonstrated in the coming months.
For that to happen, the start-up of the refinery will be vital. The Tile, which today is paralyzed for maintenance, amid tensions between the union and Ancap. The greater impact that cellulose production may have on the economy will also be crucial. UPM 2.
Source: Ambito
