Spain: Industrial production jumps on low-base effect in March
May 7, 2021
Industrial production surged 12.4% year-on-year in seasonally- and calendar-adjusted terms in March, after contracting 2.3% in February. The reading benefited from an extremely low-base effect as March 2020 was the first month of the Covid-19 pandemic.
March’s result reflected a sharp turnaround in production of consumer goods, intermediate goods and capital goods. Meanwhile, energy output growth lost pace.
On a seasonally- and calendar-adjusted monthly basis, factory output grew 0.4% in March, contrasting February’s 0.1% dip. Lastly, the trend improved notably, with the annual average variation of industrial production coming in at minus 7.1%, up from minus 9.4% in the previous month.