Spain Industrial production April 2020

Spain

Spain: Industrial output contracts at sharpest pace on record in April on Covid-19 hit

June 5, 2020

Industrial output collapsed 33.6% year-on-year in seasonally- and calendar-adjusted terms in April, after plummeting 13.7% in March. As a result, the annual average variation in industrial output fell from minus 0.8% in March to minus 3.8% in April.

April’s downturn marked the steepest drop on record as industrial activity virtually came to a standstill during the first half of the month amid the lockdown measures enacted to contain Covid-19’s spread. The crash reflected an across-the-board collapse in all sub-components of the index, with capital goods production tumbling the most.

On a monthly basis, factory output plunged 21.8% in seasonally-adjusted terms in April, following March’s 13.2% slump. The reading also marked the worst result on record.

FocusEconomics Consensus Forecast panelists see industrial production declining 11.0% in 2020, which is down from last month’s forecast, and growing 7.9% in 2021.


Author:, Economist

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Spain Industry April 20 20

Note: Year-on-year and annual average variation of seasonal-and calendar-adjusted industrial production index in %.
Source: National Statistical Institute (INE).


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