Drug production in Spain continues to increase. In the year In January 2023, the Industrial Production Index (IPI) of the pharmaceutical sector recorded a year-on-year increase of 19.7%, according to the latest data published this Tuesday by the National Institute of Statistics (INE).
Although revised again, the data for January 2023 is six percent lower than that recorded for December 2022.The pharmaceutical sector IPI stood at 32%, setting a record since May 2019 when the sector IPI stood at 25.7%.
In January 2023, the production of basic pharmaceutical products improved by 22.4%, although in December the figure was 33.7%. On the other hand, the production of pharmaceutical specialties recorded a positive change of 18.6% in the first month of the year, although the figure was 23% in December.
The general industrial production index rose 1.2 percent year-on-year in January, up 4.3 points from December 2022.. Growth in the first month of the year, industrial production will return to positive year-on-year rates after showing a decline of 1.4% (November) and 3.1% (December) in the last two months of 2022.
By early 2023, it is the production of the durable consumer goods industry that recorded the highest growth.Record an 11.8% year-on-year increase in January. They are capital goods, with an increase of 8.6%, and non-durable consumer goods, with an increase of 3.2%.
In the activity sector, the largest increases in output each year were the manufacture of electrical appliances and equipment, with an increase of 25.7%, and the manufacture of pharmaceutical products.
Coinciding with today’s publication, INE has updated the IPI series data with the previous two months. The calendar-corrected and current-corrected and calendar-corrected series, following the INE standard, the series is evaluated from the beginning.
IPI is a short-term indicator that measures the monthly evolution of production activity of industrial branches.excluding construction. IPI measures the joint evolution of quantity and quality by removing the effects of prices.