Spain: Industrial production falls at sharpest pace in 10 months at 2020 outset
Industrial production declined 2.1% year-on-year in seasonally- and calendar-adjusted terms in January, contrasting December’s revised 1.1% expansion (previously reported: +0.8% year-on-year) and marking the sharpest contraction in 10 months. Annual average growth in industrial output fell from 0.7% to 0.3% in January.
January’s fall reflected a broad-based contraction across the major sectors. The production of energy and intermediate goods fell at a steeper rate compared to December, while consumer and capital goods output shrank after having expanded in the previous month.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output slipped 0.2% in January, following the 1.2% decline logged in December.