Spain: Industrial production declines for 10th consecutive month
August 8, 2012
In June, industrial production dropped 6.9% over the same month last year, which represented a deterioration compared to the revised 5.7% contraction observed in May (previously reported: -5.4% year-on-year). The figure marked the 10th consecutive month of declining industrial output. The monthly result was driven by a deterioration in all sub-sectors composing the index, particularly by plummeting growth in mining output. On a working day adjusted basis, industrial output fell 6.3%. The decline slightly undershot the revised 6.5% drop recorded in May (previously reported: -6.1% yoy) and came in virtually in line with market expectations of a 6.2% contraction. As a result of the monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from minus 4.8% in May to minus 5.1% in June.