Spain Industry January 2018


Spain: Industrial production growth eases notably in January

March 9, 2018

In January, industrial production dynamics moderated significantly on the back of a strong base effect in energy output. Factory production was up 1.2% from the same month of last year, well below the revised 5.8% expansion recorded in December (previously reported: +6.1% year-on-year). December’s figure had marked one of the highest prints in two decades. As a result of January’s weaker result, average industrial production eased from an over one-year high of 2.8% in December to 2.7% in January.

The soft print logged in January reflected a deceleration across most sub-components and a swing in energy production. Energy output contracted 5.9% year-on-year in seasonally- and calendar-adjusted terms, contrasting the 8.6% surge recorded in the previous month. Similarly, equipment and intermediate goods production was weaker compared with the previous month, while consumer output was steady at a 1.1% expansion on marginally stronger non-durable consumer good production and softer durable consumer good output.

On a month-on-month basis, adjusted for seasonal and calendar effects, factory output growth swung from a 1.1% expansion in December to a 2.6% contraction in January. It should also be noted that, beginning in January, the weights of the indicator were reassessed to give more importance to energy and equipment goods output.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.3% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees industrial production growth at 2.2%.

Author:, Economist

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Spain Industry Chart

Spain Industry January 2018 0

Note: Year-on-year and annual average variation of working-day adjusted industrial production index.
Source: National Statistical Institute (INE) and FocusEconomics calculations.

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