Spain: Industrial production eases in March
May 9, 2011
In March, industrial production dropped a working-day adjusted 0.9% over the same month last year, which contrasted the revised 3.3% increase observed in February (previously reported: +3.6% year-on-year). The reading contrasted market expectations of a 2.0% expansion and marked the largest drop in five months on the back of weak consumer demand, raising concerns regarding the pace of the economic recovery. The monthly drop was broad-based, as manufacturing, mining and electricity supply contracted over the same month the previous year in working-day adjusted terms. As a result of the monthly drop, annual average growth in industrial production eased from 2.1% in February to 1.6% in March, breaking the upward trend that began in September 2010.