Spain Industry


Industrial production slows to a five-month low in March

In March, industrial production rose a working-day adjusted 0.6% over the same month last year, which represented the weakest expansion since October 2013. The print followed the revised 2.5% increase recorded in February (previously reported: +2.8% year-on-year) and marked the fifth consecutive month of expansion in industrial output. March's print mainly reflected a contraction in consumer goods as well as slower growth in both capital goods and intermediate products.

Annual average variation in industrial production rose from minus 0.4% in February to minus 0.1% in March, marking the highest level since September 2011.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.3% in 2014, which is unchanged from last month's forecast. For 2015, the panel sees industrial output growth at 2.3%.

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Spain Industry Chart

Spain Industry March 2014

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

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