Spain: Industrial production contracts less than expected
March 8, 2013
In January, industrial production fell 3.6% over the same month last year, which came in below the 8.6% drop observed in December. The contraction was broad-based, as all sub-categories deteriorated compared to January last year, in particular consumer goods, which recorded the largest drop amid subdued domestic consumption.
On a working day adjusted basis, industrial output contracted 5.0% over the same month last year. The decline was smaller than the 6.9% drop recorded in December as well as market expectations of a 6.0% drop. As a result of the contraction, annual average industrial production growth inched down from minus 5.9% in December to minus 6.0% in January. FocusEconomics Consensus Forecast panellists see industrial production contracting 3.2% in 2013, which is down 0.3 percentage points from last month's forecast. For 2014, the panel sees industrial output rising 0.4%.