Spain Industrial production December 2020

Spain

Spain: Industrial output contracts at softest pace in one year in December

February 8, 2021

Industrial production slid 0.6% year-on-year in seasonally- and calendar-adjusted terms in December 2020, after contracting 3.7% in November. The decline was the softest seen in the entire year.

December’s result reflected a broad-based improvement across all the index sub-components. Both consumer and capital goods production fell at a softer pace compared to November. In addition, intermediate goods production gathered momentum while energy output rebounded.

On a seasonally- and calendar-adjusted monthly basis, factory output increased 1.1%, bouncing back from November’s 0.9% dip. Lastly, the trend deteriorated slightly, with the annual average variation of industrial production coming in at minus 9.4%, down from minus 9.3% in the previous month.

FocusEconomics Consensus Forecast panelists see industrial production increasing 7.9% in 2021 and 4.3% in 2022.


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Spain Industry December 20 20

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


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