Spain Industry


Industrial production contracts more than expected

In February, industrial production fell 8.5% over the same month last year, which represents a significant deterioration over the 3.4% drop observed in January. The contraction was broad-based, as all sub-categories of the index deteriorated compared to February last year, in particular intermediate goods, which recorded the largest drop amid subdued domestic consumption.

On a working day adjusted basis, industrial output contracted 6.5% over the same month last year. The decline exceeded both the 4.9% drop recorded in January and market expectations. As a result, annual average variation in industrial production inched down from minus 6.0% in January to minus 6.1% in February.

FocusEconomics Consensus Forecast panellists see industrial production contracting 3.2% in 2013, which is down 0.3 percentage points from last month's forecast. For 2014, the panel sees industrial output rising 0.4%.


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Spain Industry Chart

Spain Industry February 2013

Note: Year-on-year and annual average variation of industrial production index.
Source: National Statistical Institute (INE) and FocusEconomics calculations.

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