Spain: Industrial production contracts again in March
May 9, 2019
Industrial production fell 3.1% year-on-year in seasonally- and calendar-adjusted terms in March, following February’s revised 0.2% decline (previously reported: -0.3% year-on-year). In turn, the annual average variation in industrial output turned negative for the first time in five years in March, coming in at minus 0.3% (February: +0.3%).
March’s steeper downturn reflected weaker dynamics in most major sectors. The production of consumer goods suffered the worst contraction in over two years after posting healthy growth in February. Furthermore, energy output declined more sharply than in the previous month and capital goods production cooled in March. Meanwhile, intermediate goods output rebounded compared to February.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output slid 1.2% in February, following the 1.0% dip logged in January.
Spain Industrial Produciton Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 1.1% in 2019, which is up 0.3 percentage points from last month’s forecast, and 1.5% in 2020.
Author: Javier Colato, Economist