Spain: Industrial production contracts less than expected in April
June 7, 2013
In April, industrial production fell a working-day adjusted 1.8% over the same month last year. The print marks a deterioration over the 0.8% decline seen in March (previously reported: -0.6% year-on-year) but surprised market analysts on the upside, as they had expected industrial production contracting 2.6%. The monthly reading mainly reflects a sharp decline in durable consumer goods as well as in energy.
Building on the softer annual decline, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 5.6% in March to minus 5.0% in April.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.5% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output rising 0.1%.