Spain: Industrial output drops at sharpest pace in over a decade in March on Covid-19 hit
May 8, 2020
Industrial production plummeted 12.2% year-on-year in seasonally- and calendar-adjusted terms in March (February: -1.5% year-on-year). March's result marked the worst reading since September 2009.
The downturn was largely driven by a sharper contraction in consumer goods output and a collapse in the production of capital goods.
On a seasonally-adjusted monthly basis, factory output plunged 11.9% in March, contrasting February’s 0.1% uptick. The reading marked the worst result on record.
Author: Javier Colato, Economist