According to preliminary information, last March the Imacec fell 2.1% compared with the same month the year before (figure 1). The seasonally adjusted series decreased 0.1% with respect to the previous month and fell 1.9% in twelve months. The month came with the same number of working days as March 2022.

The annual variation of the Imacec was explained mainly by the fall in mining and trade (figure 2). Meanwhile, its decrease in seasonally adjusted terms was accounted for by most of its components, and was partially offset by an increase in services (figure 3).

The non-mining Imacec posted a drop of 1.0% in twelve months, and a seasonally adjusted rise of 0.2% from the previous month.

Imacec analysis by activity

1. Goods production
Goods production fell 3.5%, owing mainly to an 8.5% drop in mining. Manufacturing industry dropped 2.5% while other goods rose 1.2%.

Seasonally adjusted, goods production posted a contraction of 0.7% with respect to the previous month, explained by mining and manufacturing decreases of 1.8% and 0.7% respectively.

2. Trade
Commercial activity presented a 5.4% decrease, reflecting the performance of retail trade, where lower sales were recorded in supermarkets, department stores and specialized clothing and footwear establishments. Wholesale trade also fell —though less—, explained by sales of raw materials, foods and household items. In contrast, automotive sales showed positive results.

Seasonally adjusted figures posted a contraction of 1.8% with respect to the previous month.

3. Services
Services increased 0.9%, led by personal services followed by entrepreneurial ones. The seasonally-adjusted result increased 0.9% with respect to the previous month.

As per the calendar of National Accounts publication, preliminary GDP results for the first quarter of this year will be released next 18 May.