Spain: Industrial activity drops at a softer pace in July
September 11, 2020
Industrial production fell 6.4% year-on-year in seasonally- and calendar-adjusted terms in July, following June’s 14.3% drop. July’s reading marked the softest decline since February.
July’s smaller contraction reflected a broad-based improvement across all the major sub-sectors: Output of consumer, capital and intermediate goods as well as energy production all declined less than in June.
On a seasonally- and calendar-adjusted monthly basis, factory output rose at a more moderate pace of 9.4% in July (June: +13.6% mom).