Spain: Industrial production growth eases to eight-month low in March
May 5, 2017
Industrial production expanded 0.4% in working-day adjusted terms in March compared to the same month last year, well below February’s 2.5% increase and a disappointment to market analysts, who had expect a milder drop to 1.6%. March’s headline figure also marked the weakest performance in Spain’s industrial sector since July 2016. According to the National Statistical Institute, the deceleration in output was led by plunging energy production and weaker expansions in capital and intermediate goods output. The only bright spot in March’s report was consumer goods production, which rebounded from February’s contraction.
On a monthly basis, industrial production shrank by 0.4% in March when adjusting for seasonal and calendar effects, which followed February’s milder 0.2% contraction.
Author: David Ampudia, Economist