According to preliminary information, the in December 2023 the Imacec dropped 1.0% compared with the same month a year before (figure 1). The seasonally adjusted series decreased 1.1% with respect to the previous month and rose 0.2% in twelve months. The month came with two working days less than December 2022.

The annual drop in the Imacec was accounted for by the production of goods and trade, a result that was partly offset by services (figure 2). In seasonally adjusted terms, the Imacec's decline was mainly affected by mining (figure 3).

The non-mining Imacec posted a contraction of 0.5% in twelve months, and a seasonally adjusted drop of 0.5% with respect to the previous month.

Imacec analysis by activity

1. Goods production
The production of goods fell by 3.2% in annual terms, mainly due to mining and other goods, which fell by 3.6% and 1.3%, respectively. Meanwhile, the manufacturing industry showed a 2.3% drop.
In deseasonalized terms, the production of goods contracted by 2.4% with respect to the previous month, explained by the performance of mining, which fell by 4.2%. Manufacturing and other goods activity fell by 2.2% and 0.5%, respectively.

2. Trade
Trade activity decreased 3.8% in annual terms, owing to all its components, especially wholesale trade, where lower sales of foods and beverages stood out. Meanwhile, retail trade recorded lower sales in supermarkets and department stores.
Seasonally adjusted figures grew 1.2% with respect to the previous month, most influenced by automotive trade.

3. Services
Services increased 1.8% annually, a result affected by transportation, particularly due to a low base of comparison in air services. In contrast, business services showed declines.
Seasonally adjusted figures showed a 0.2% decrease with respect to the previous month.
According to the National Accounts publication calendar, our 2023 GDP estimate, as well as the revisions to the first, second and third quarters, will be published on Monday, 18 March 2024.