In February 2026, national industrial production advanced 0.9% compared to January, in the seasonally adjusted series, the second consecutive positive rate, accumulating an expansion of 3.0% in this period. Compared to February 2025, industry declined 0.7%, after advancing 0.2% in January, interrupting three consecutive months of negative rates: December (-0.1%), November (-1.4%), and October 2025 (-0.4%). The year-to-date figure was -0.2%. Over the last 12 months, there was an advance of 0.3%. The quarterly moving average in February was 0.3%..

In the 0.9% growth in industrial activity from January to February 2026, the positive rates were widespread, reaching the four broad economic categories and most (16) of the 25 sectors surveyed. It is worth noting that, with these results, industrial production is 3.2% above the pre-pandemic level (February 2020); but it is still 14.1% below the record level reached in May 2011.

Among the activities, the most significant positive influences were seen in motor vehicles, trailers and bodies (6.6%) and coke, petroleum products and biofuels (2.5%), with the former accumulating an expansion of 14.1% in the first two months of 2026, thus eliminating the 9.5% decline seen in the last two months of 2025; and the latter marking its third consecutive month of growth and registering a gain of 9.9% in this period. Other significant positive contributions to the total industry came from machinery and equipment (6.8%), mining and quarrying industries (1.1%), food products (0.8%), beverages (3.4%), furniture (7.2%), computer equipment, electronic and optical products (3.1%), textiles (4.4%), and maintenance, repair and installation of machinery and equipment (3.4%).

On the other hand, among the nine activities that showed a decline in production, the pharmaceutical and chemical products sector (-5.5%) exerted the main influence on the industry average and intensified the magnitude of the drop seen in the first month of the year (-1.4%). It is also worth highlighting the negative impacts recorded by chemical products (-1.3%) and basic metals (-1.7%).

Among the broad economic categories, still in comparison with January, in the seasonally adjusted series, capital goods (2.3%) recorded the highest expansion in February 2026 and marked the second consecutive positive rate, a period in which it accumulated an expansion of 5.7%. The sectors producing intermediate goods (1.1%), durable consumer goods (0.9%), and semi-durable and non-durable consumer goods (0.7%) also showed growth this month, with all indicating the second consecutive month of increased production, during which they accumulated gains of 3.5%, 7.7%, and 2.0%, respectively.

Moving average was 0.3% in the quarter ended in February

Also in the seasonally adjusted series, the evolution of the quarterly moving average index for total industry showed a positive change (0.3%) in the quarter ending in February 2026 compared to the previous month, interrupting the downward trend that began in October 2025.

Among the broad economic categories, also regarding the movement of this index at the margin, durable consumer goods (0.7%) recorded the most pronounced positive rate in February 2026, interrupting three consecutive months of decline, a period in which it accumulated a loss of 2.7%. The sectors producing intermediate goods (0.5%) and semi-durable and non-durable consumer goods (0.4%) also registered positive results this month, with the former interrupting the downward trend that began in September 2025 and the latter marking the seventh consecutive month of growth and accumulating an expansion of 3.0% in this period. On the other hand, the capital goods segment (-1.0%) showed the only decline in February 2026 and maintained the negative trend that began in December 2025.

Compared to February 2025, industry declines 0.7%

In comparison with the same month of the previous year, the industrial sector showed a 0.7% drop in February 2026, with negative results in 3 of the 4 broad economic categories, 20 of the 25 branches, 60 of the 80 groups, and 62.1% of the 789 products surveyed. It is worth noting that February 2026 (18 days) had 2 fewer working days than the same month of the previous year (20).

Among the activities, the main negative influences on the total industry were registered by motor vehicles, trailers and bodies (-7.3%), chemical products (-6.4%), and machinery and equipment (-11.0%). Other significant negative impacts were noted in the following sectors: wearing apparel and accessories (-15.1%), fabricated metal products (-8.4%), computer equipment, electronic and optical products (-9.1%), machinery, apparatus and electrical materials (-6.9%), leather goods, travel goods and footwear (-9.9%), other transportation equipment (-9.6%), basic metals (-2.7%), textiles (-7.2%), furniture (-7.6%), rubber and plastic products (-2.3%), and printing and reproduction of recorded media (-13.5%).

On the other hand, also in comparison with February 2025, among the five activities that showed expansion in production, mining and quarrying industries (10.2%), coke, petroleum products and biofuels (4.0%), and pharmaceutical and chemical products (20.6%) exerted the greatest influence on the formation of the industry average. It is also worth highlighting the positive contributions from the beverage sector (6.2%) and the maintenance, repair, and installation of machinery and equipment sector (4.7%).

Also, when compared to the same month of the previous year, capital goods (-13.5%) and durable consumer goods (-9.3%) showed the highest declines among the broad economic categories in February 2026. The sector producing semi-durable and non-durable consumer goods (-0.3%) also showed a negative rate this month. On the other hand, the intermediate goods segment (1.1%) showed the only positive result in February 2026, the second consecutive positive rate.

The capital goods sector, with a 13.5% decline in February 2026 compared to February 2025, presented its ninth consecutive negative rate and the most intense since December 2023 (-17.1%). The production of durable consumer goods, registering a 9.3% drop in February 2026, marked the fourth consecutive negative rate and the most intense since May 2024 (-10.5%). The segment of semi-durable and non-durable consumer goods, with a negative change of 0.3% in February 2026, interrupted two consecutive months of positive rates: January 2026 (1.0%) and December 2025 (4.7%).

Cumulative index in the first two months of 2026 falls 0.2%

The cumulative index for the year, compared to the same period of the previous year, fell 0.2%, with negative results in two of the four broad economic categories, 18 of the 25 branches, 58 of the 80 groups and 61.7% of the 789 products surveyed. Among the activities, the main negative influences on the total industry were recorded by machinery and equipment (-13.5%), motor vehicles, trailers and bodies (-7.0%), and chemical products (-4.6%). Other significant negative impacts were noted in the sectors of metal products (-7.5%), wearing apparel and accessories (-11.2%), computer equipment, electronic and optical products (-8.1%), leather goods, travel goods and footwear (-9.9%), textiles (-7.8%), machinery, apparatus and electrical materials (-4.2%), printing and reproduction of recorded media (-16.7%), and furniture (-7.5%).

On the other hand, still in comparison with January-February 2025, among the seven activities that showed expansion in production, mining and quarrying industries (11.1%) and pharmaceutical and chemical products (20.7%) exerted the greatest influences on the total.

The average industry performance also showed positive contributions from the sectors of coke, petroleum products and biofuels (1.3%), food products (1.1%) and beverages (3.9%).

Among the broad economic categories, the results for the first two months of 2026 showed less dynamism for the capital goods (-12.5%) and durable consumer goods (-6.8%) segments. On the other hand, positive rates were recorded in the sectors producing intermediate goods (1.1%) and semi-durable and non-durable consumer goods (0.4%).

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