Spain Industrial production April 2021

Spain

Spain: Industrial production jumps on low-base effect in April

June 7, 2021

Industrial production skyrocketed 48.2% year-on-year in seasonally- and calendar-adjusted terms in April, after jumping 12.9% in March. The reading benefited from an extremely low-base effect due to the Covid-19 pandemic.

April’s result reflected a sharp acceleration in growth of production of intermediate goods and capital goods as well as faster expansions in consumer goods production and energy output.

On a seasonally- and calendar-adjusted monthly basis, factory output grew 1.2% in April, following March’s 0.6% uptick. Lastly, the trend improved notably, with the annual average variation of industrial production coming in at minus 0.2%, up from minus 7.1% in the previous month.

FocusEconomics Consensus Forecast panelists see industrial production increasing 8.0% in 2021 and 4.2% in 2022.


Author: Massimo Bassetti, Senior Economist

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Spain Industry April 2021

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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