Spain: Industrial production continues to contract in July
September 8, 2011
In July, industrial production contracted a working-day adjusted 2.8% over the same month last year, the steepest drop since January 2010, following the revised 1.9% drop in June (previously reported: -2.0% year-on-year). The monthly drop was broad-based, as all sub-indices contracted over the same month the previous year in working-day adjusted terms. As a result of the monthly drop, annual average growth in industrial production fell from 0.2% in June to a flat reading in July, marking the fifth consecutive deceleration.