Spain: Industrial production contracts more than expected
April 10, 2013
In February, industrial production fell 8.5% over the same month last year, which represents a significant deterioration over the 3.4% drop observed in January. The contraction was broad-based, as all sub-categories of the index deteriorated compared to February last year, in particular intermediate goods, which recorded the largest drop amid subdued domestic consumption.
On a working day adjusted basis, industrial output contracted 6.5% over the same month last year. The decline exceeded both the 4.9% drop recorded in January and market expectations. As a result, annual average variation in industrial production inched down from minus 6.0% in January to minus 6.1% in February.
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%.