Spain: Industrial production growth loses some momentum in June
August 4, 2017
The industrial sector ended the quarter on a strong note, with output growth decelerating only slightly in June from May’s strong increase. According to the National Statistical Institute, industrial production was up 2.7% in working-day adjusted terms in June compared to the same month of last year, which was slightly below May’s 3.3% expansion. As a result of June’s print, annual average growth in industrial production continued to trend upwards, reaching 1.9% in June, marginally above May’s 1.7%.
The slight deceleration reflected weaker growth in output of durable and non-durable consumer goods and equipment products, but this was partially offset by a small pick-up in intermediate goods and a rebound in energy output.
On a monthly basis, industrial production swung to a 0.1% contraction in June from May’s 1.4% increase when adjusted for seasonal and calendar effects.
Author: David Ampudia, Economist