Spain: Industrial production declines at softer pace in May
July 5, 2013
In May, industrial production fell a working-day adjusted 1.3% over the same month last year. The print marks an improvement over the 1.8% decline seen in April and surprised market expectations on the upside as they had expected industrial production contracting 2.0%. The monthly reading mainly reflected a softer decline in energy and intermediate goods as well as stronger growth in capital goods.
Building on the softer annual decline, the trend continues to point upwards, with annual average variation in industrial production stepping up from minus 5.0% in April to minus 4.6% in May.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.0% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output remaining flat.