Spain Industry


Industrial production records first expansion in over two years

In September, industrial production expanded a working-day adjusted 1.4% over the same month last year. The print contrasts the 2.1% decline recorded in August (previously reported: -2.0% year-on-year) and marks the first expansion in industrial output since February 2011. The increase reflects a broad-based recovery, with capital goods recording the strongest increase and consumer goods expanding at the fastest pace in over three years.

Annual average variation in industrial production rose from minus 3.8% in August to minus 3.1% in September and thus the trend resumed the upward trajectory that began in March.

FocusEconomics Consensus Forecast panelists see industrial production contracting 2.5% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees industrial output rebounding to a 0.6% increase, which is up 0.3 percentage points over the previous month's estimate.

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Spain Industry Chart

Spain Industry September 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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