Spain Industry June 2017

Spain

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.

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 June 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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