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Valencia region leads industrial recovery in Spain

THE Valencia region is spearheading the gradual recovery of industry in Spain following the COVID-inflicted crash.

Led by the energy sector, the Valencian Community registered the third highest increase in industrial activity in November, according to figures published by the National Statistics Institute (INE).

Production in the area grew by 4.5% in the second-to-last month of 2020 with regards to the same period in 2019, compared to the 2% drop in industrial activity registered throughout Spain as a whole.

Energy production – including the extraction of oil, natural gas and other minerals, plus oil refinery – has shot up by 25% in the Valencia region, while it fell by an average of 7.5 across the country.

According to the INE, only Extremadura and Murcia registered higher figures in November last year.

On the opposite end of the scale, 10 regions suffered a drop in activity, including Madrid and the Basque Country who, along with Catalunya, lead the ranking of areas where industry plays the largest part in the regional GDP.

When considering 2020 as a whole, industrial production in the Valencian Community fell by 7.1% – three points less than the national average.

On another positive note, work at Valencia’s Ford Almussafes car factory resumed today (Tuesday) after being stopped for nearly one month.

No new vehicles had left the plant for the European market since December 17, following a drop in demand that has slightly recovered this week.  

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