Spain: Industrial production accelerates in January
March 4, 2011
In January, industrial production rose a working-day adjusted 3.8% over the same month last year, which contrasted the 0.1% contraction observed in December, and overshot market expectations, which had industrial output expanding 1.0%. The reading marked the fastest expansion since March 2010, indicating the sector may be recovering from the sluggish conditions of the previous year. The January rise was driven by a 4.4% year-on-year increase in manufacturing output as well as a 3.0% rise in the electricity, gas, steam and air conditioning sector. Meanwhile, mining plunged 9.2%. On a use-based classification, intermediate and capital goods were the main drivers behind the January expansion. As a result of the increase, the trend continues to improve, with the annual average variation in industrial production jumping from 0.9% in December to 1.8% in January, which represented the fastest rate since February 2008.