In April 2023, the seasonally adjusted industrial production index is estimated to decrease by 1.9% compared to March. On average for the February-April period, the level of production decreased by 1.3% compared to the previous three months.
The seasonally adjusted monthly index marks short-term decreases in all sectors: negative changes characterize, in fact, intermediate goods (-2.6%), capital goods (-2.1%) and, to a lesser extent, consumer goods ( -0.4%) and energy (-0.3%).
Corrected for calendar effects, in April 2023 the overall index decreased in trend terms by 7.2% (calendar working days were 18 against 19 in April 2022). Tendency declines characterize all sectors; the reduction is modest for capital goods (-0.2%), while it is more significant for energy (-12.6%), intermediate goods (-11.0%) and consumer goods (-7.3%).
The only sectors of economic activity with a growth trend are the manufacture of means of transport (+5.7%), the manufacture of coke and refined petroleum products (+2.1%) and the production of basic pharmaceutical products and pharmaceutical preparations (+0.6%). The largest decreases are recorded in the wood, paper and printing industries (-17.2%), in the supply of electricity, gas, steam and air (-13.6%) and in the manufacture of chemical products and metallurgy and manufacturing of metal products (-10.9% for both sectors).
The comment
In April, for the fourth consecutive month, there was a cyclical decline in the seasonally adjusted index of industrial production, with decreases extending to all the main sectors.
The picture is also negative on a quarterly basis.
Even in trend terms, net of calendar effects, a marked fall can be observed. At the sectoral level, the decrease for energy and intermediate goods is very large, while the decrease for capital goods is limited.
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