The General Industrial Production Index (IPI) fell by an average of 0.8% in 2023, thus breaking the streak of positive rates of the last two years, as reported on Wednesday by the National Statistics Institute (INE).
Specifically, the 0.8% fall recorded in 2023 contrasts with the 2.4% increase in 2022 and 7.1% in 2021. The latter was an atypical year due to the return to normality following the end of pandemic restrictions.
With the exception of 2020, when industrial production plummeted by 9.2% due to the outbreak of Covid, this indicator has not fallen since 2013, when it fell by an annual average of 1.7%.
