Industry sales in the Canary Islands improved by 5.3% in February

According to the National Statistics Institute the Canary Islands counted with an increase of 5.3% in industry sales las February as compared to the same month the year before, still below the national average.

Turnover in industry grew by 5.3% in the Canary Islands last February compared to the same month in 2022, which is below the national average, at 8.8%, according to data released on Wednesday by the National Statistics Institute (INE).

Thus, the national advance was mainly due to the boost in sales of capital goods, which shot up by 24.7%. With the year-on-year increase in February, 3.7 points lower than in January, the industry’s turnover now has 24 consecutive months of increases after having previously chained a year of negative year-on-year rates due to the COVID crisis.

By sector, capital goods increased their sales by 24.7% year-on-year, while non-durable consumer goods invoiced 14.7% more. These gains were followed by energy (+1.1%) and consumer durables (+0.8%). By contrast, intermediate goods saw their turnover fall by 1.2%.

The branches where sales increased most in year-on-year terms were the manufacture of motor vehicles (+43.5%); the manufacture of electrical equipment and material (+20.1%) and the food industry (+19.8%), while the biggest year-on-year cuts in turnover were recorded by metallurgy (-13.9%) and the chemical industry except cleaning and polishing preparations, perfumes and cosmetics (-10.3%).

Adjusted for the calendar effect and seasonality, turnover in industry rose in February by 9.4% compared with the same month of the previous year, a rate one point lower than in January.


In monthly terms (February over January) and in seasonally and calendar adjusted data, industry increased its sales by 0.9%, in contrast with the monthly decline of 1% experienced in January.

All sectors increased their sales in February compared with January, except for energy, which fell by 8.8%, and consumer durables, which stagnated. The biggest increases were recorded by capital goods (+6.6%), intermediate goods (+1.3%) and non-durable consumer goods (+1.1%).

The activities that most increased their sales with respect to January in the seasonally adjusted series were the manufacture of motor vehicles (+17.4%); the manufacture of electrical material and equipment (+7.1%) and other extractive industries (+6.8%), while the largest monthly reductions were recorded in coking and refining of petroleum (-8.7%); the tobacco industry (-8.1%), and the manufacture of computer, electronic and optical products (-4.7%).

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