Spain Industry May 2017


Spain: Industrial production growth gains momentum in May

July 7, 2017

Industrial output grew 3.0% in working-day adjusted terms in May compared to the same month last year. This followed a mediocre 0.5% expansion in April and surprised market analysts, who had expected industrial production to increase by a milder 2.0%. As a result of May’s print, annual average growth in industrial output inched up from a nearly two-year low of 1.6% in April to 1.7%.

According to the National Statistical Institute, the robust expansion in output was led by a rebound in equipment goods production, which had recorded a sizeable contraction in April. May’s report also showed stronger production growth for consumer goods and a smaller decline in energy output, while intermediate goods production eased slightly from April’s robust print.

On a monthly basis, industrial production rose a robust 1.2% in May when adjusted for seasonal and calendar effects, which marked a notable improvement over April’s null growth.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.4% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees industrial production growth at 2.0%.

Author:, Economist

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Spain Industry Chart

Spain Industry May 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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