Spain: Industrial production expands for the first time in 14 months
December 5, 2012
In October, industrial production rose 0.6% over the same month last year, which contrasted the revised 12.1% contraction observed in September (previously reported: -11.7% year-on-year). The reading marks the first increase in industrial output recorded in 14 months. The monthly rise was driven by a strong recovery in manufacturing as well as in electricity and gas production.
On a working day adjusted basis, industrial output contracted 3.3% over the same month last year. The decline was smaller than both the revised 7.5% drop recorded in September (previously reported: -7.0% yoy) as well as market expectations of a 7.4% contraction.
As a result of the expansion seen in October, the downward trend broadly in place since March 2011 has come to an end, with annual average growth in industrial production rising from minus 6.1% in September to minus 5.7%.