According with preliminary information, last May the Imacec posted a drop of 2.0% compared with the same month a year before (figure 1). The seasonally adjusted series fell 0.5% with respect to the previous month and fell 2.2% in twelve months. May 2023 came with the same number of working days as May 2022.

The yearly variation of the Imacec was explained mainly by the decrease in mining activity, followed by trade (figure 2). The Imacec’s seasonally adjusted fall was led by the performance of the mining industry (figure 3).

The non-mining Imacec dropped 1.1% in twelve months but showed no change from the previous month.
 

Imacec analysis by activity

1. Goods production
The production of goods fell 2.7%, a result explained by a 7.5% drop in mining and, to a lesser extent, by manufacturing, which lost 0.8%. Other goods increased 1.0%.

In seasonally adjusted terms, the production of goods posted a contraction of 1.6% with respect to the previous month, owing mainly to the 3.5% drop in mining. Meanwhile, the manufacturing industry dropped 0.9%, and the other goods group increased 0.3%.

2. Trade
Commercial activity showed a 4.2% drop in annual terms. All its components explained this result, particularly retail, led by lower sales of supermarkets, department stores, and establishments specialized in clothes and foodstuffs.

The seasonally adjusted figures showed a 0.3% rise compared with the previous month, explained by motor-vehicles ales and retail activity, which was partly offset by a decline in wholesale trade.

3. Services
Services posted no variation as entrepreneurial and personal services rose by the same magnitude as transportation services fell. The de-seasonalized figures showed a 0.1% increase from the month before.