Spain: Industrial production contracts at softer pace in July
September 6, 2013
In July, industrial production fell a working-day adjusted 1.4% over the same month last year, which marks the fifth consecutive month of declining output. The print represents an improvement over the 2.2% decline seen in June (previously reported: -1.9% year-on-year). The monthly reading mainly reflects a softer contraction in durable and non-durable consumer goods and a stronger expansion in machinery equipment.
The trend continues to improve, however, with the annual average variation in industrial production stepping up from minus 4.2% in June to minus 3.9% in July.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.2% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output contracting 0.5%.
Author: Armando Ciccarelli, Head of Data Solutions