Spain: Industrial output records slowest growth since April in September

Industrial output expanded 3.6% year-on-year in seasonally and calendar-adjusted terms in September, which was a deterioration from August's 5.2% increase. September's result marked the worst reading since April. The notable weakening was largely due to a deterioration in consumer goods output growth, as it expanded at the slowest pace since March. Meanwhile, capital goods production improved.

On a monthly basis, industrial output decreased 0.3% in seasonally adjusted terms in September, contrasting August’s 0.3% expansion. Meanwhile, annual average industrial production growth rose to 3.1% in September (August: +2.9%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists see industrial production increasing 0.5% in 2023 and 2.2% in 2024.