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.
Author: David Ampudia, Economist