Spain Industry


Industrial production moderates pace of decline

In May, industrial production dropped 5.4% over the same month last year, which represents an improvement compared to the 8.2% drop observed in April. The softer decline was driven by a smaller contraction in the manufacturing sector, whereas the production of electricity and gas as well as mining deteriorated over the previous month. On a working day adjusted basis, industrial output fell 6.1%. The decline was less than the 8.3% drop recorded in April and better than market expectations of an 8.1% contraction. Despite the milder monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from minus 4.2% in April to minus 4.7% in May.


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Spain Industry Chart

Spain Industry May 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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