Spain Industry March 2020

Spain

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.

FocusEconomics Consensus Forecast panelists see industrial production declining 9.4% in 2020, which is down down 5.7 percentage points from last month’s forecast, and growing 6.2% in 2021.


Author:, Economist

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Spain Industry March 20 20

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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