Spain: Industrial output contracts at softer pace in February
Industrial production dropped 2.1% year-on-year in seasonally- and calendar-adjusted terms in February, after contracting 2.3% in January and marking the 14th straight month of decline.
February’s result reflected a softer contraction in consumer goods production as well as unchanged production of intermediate goods—which had contracted in January. On the other hand, the manufacture of capital goods decreased at a sharper pace than in the previous month, while energy output growth lost pace.
On a seasonally- and calendar-adjusted monthly basis, factory output was unchanged from January, following January’s 0.8% decline. Lastly, the trend improved slightly, with the annual average variation of industrial production coming in at minus 9.3%, up from minus 9.4% in the previous month.