Spain Industry


Industrial production eases pace of contraction

In July, industrial production dropped 2.6% over the same month last year, which represents an improvement compared to the revised 6.8% contraction observed in June (previously reported: -6.9% year-on-year). That said, the figure marked the 11th consecutive month of declining industrial output. The softer decline in July was driven by an improvement in all sub-sectors composing the index, particularly manufacturing output. On a working day adjusted basis, industrial output fell 5.4% year-on-year. The decline undershot the revised 6.1% drop recorded in June (previously reported: -6.3% yoy) and came in broadly in line with market expectations of a 5.2% contraction. As a result of the smaller contraction, the trend appears to have stabilized, with annual average growth in industrial production rising from minus 5.1% in June to minus 4.9% in July


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Spain Industry Chart

Spain Industry August 2012

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

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