Spain Industrial production March 2021


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.

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 Industrial production Chart

Spain Industry March 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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