Spain: Industrial production continues to contract as recession deepens
February 7, 2013
In December, industrial production fell 8.5% over the same month last year, which exceeded the 7.0% drop observed in November. The contraction was broad-based as all subcategories deteriorated over the same month last year, in particular the mining sector, which recorded the largest drop
On a working day adjusted basis, industrial output contracted 6.9% over the same month last year. The decline was smaller than the 7.0% drop recorded in November, but was in line with market expectations. As a result of the contraction, industrial production fell 5.9% in 2012, which was larger the 1.3% drop registered in 2011 and marked a second annual contraction.