Spain Industry March 2017

Spain

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.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.3% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees industrial production growth at 2.2%.


Author:, Economist

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Spain Industry March 2017

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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