Spain: Industrial output falls at sharpest pace since February 2021 in November
Industrial output dropped 1.1% year-on-year in seasonally and calendar-adjusted terms in November, which contrasted October’s 2.1% increase. The figure marked the worst reading since February 2021. The reading was partly driven by a deterioration in consumer goods output, as it recorded the weakest print since January 2021. In addition, capital goods production weakened.
On a monthly basis, industrial output fell 0.7% in seasonally adjusted terms in November, which was greater than Octobers 0.6% fall. Meanwhile, annual average industrial production growth fell to 2.9% in November (October: +3.3%). This signals a worsening trend in the industrial sector.