Spain: Industrial production drops at sharpest pace in over five years in November
Industrial production declined 2.6% year-on-year in seasonally- and calendar-adjusted terms in November, contrasting October’s revised 0.7% increase (previously reported: +0.8% year-on-year) and marking the sharpest contraction since May 2013. In turn, annual average industrial output growth dipped to a 19-month low of 1.4% in November from 2.0% in October.
November’s result reflected a contraction in output across all major sectors. The production of consumer, capital and intermediate goods declined after having increased in the previous month. Meanwhile, energy output contracted for the second successive month in November.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output dipped 1.5% in November, contrasting the 1.1% expansion logged in October.