In March, industrial production plummeted 10.4% over the same month last year, which represented a sharp deterioration compared to the revised 3.2% drop observed in February (previously reported: -3.0% year-on-year). The figure marks, in fact, the largest drop recorded since October 2009. On a working day adjusted basis, industrial output fell a milder 7.5%. The decline exceeded the 5.3% drop recorded in February (previously reported: -5.1% yoy). The monthly fall was broad-based, as all three sub-sectors composing the index suffered sharp declines over the same month last year. As a result of the monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from minus 2.9% in February to minus 4.0% in March.
Industrial production in free fall
May 7, 2012
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Spain Industry Chart
Note: Year-on-year and annual average variation of industrial production index.
Source: National Statistical Institute (INE) and FocusEconomics calculations.
Spain Economic News
October 27, 2016
Unemployment in Spain fell to 18.9% in the third quarter, which beat both the 20.0% figure recorded in the previous quarter and the 19.3% reading the market had expected.
October 7, 2016
In August, industrial production expanded 4.0% from the same month last year in working-day adjusted terms.
October 5, 2016
The Markit Purchasing Managers’ Index (PMI) Composite Output Index came in at 54.1 in September, which was slightly below August’s 54.8 reading.
September 30, 2016
Spain’s current account balance incurred a surplus of EUR 3.0 billion in July, which was above the EUR 2.7 billion surplus recorded in the same month of last year and marked the highest reading since December 2014.
September 29, 2016
In August, retail sales rose 4.9% over the same month last year as the discount season drew to an end.