Spain: Industrial production growth gains ground in February
April 6, 2018
In February, industrial production gained momentum on the back of solid energy output, growing 3.1% in annual terms, which came in above January’s revised 0.7% rise (previously reported: +1.2% year-on-year). Consequently, annual average industrial output ticked up from a revised 2.6% in January (previously reported: +2.7%) to 2.7% in February.
The pick-up in February was underpinned by a rebound in energy production as base effects from the previous month faded. Energy output expanded 5.2% year-on-year in seasonally- and calendar-adjusted terms, contrasting the sizable drop recorded in the previous month. Similarly, intermediate goods production was stronger than in January, while consumer output and equipment production declined month-on-month.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output growth swung from a revised 2.9% contraction (previously reported: -2.6% month-on-month) in January to a 1.5% expansion.
Spain Industrial Prodcution Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.5% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees industrial production growth at 2.2%.
Author: Lindsey Ice, Economist