Spain: Industrial production growth moderates further in May
July 5, 2018
Industrial production lost further steam in May to grew 1.6% year-on-year in seasonally- and calendar-adjusted terms, moderating from April’s revised 2.1% rise (previously reported: +1.9% year-on-year). Consequently, annual average industrial output growth declined from 3.5% in April to 3.2% in May.
May’s result was driven by a downturn in consumer goods production and softer growth in energy production, which more than offset stronger growth in capital goods and intermediate goods production.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output grew 0.9% in May. The print contrasted the revised 1.8% contraction logged in April (previously reported: -1.9% month-on-month).
Spain Industrial Production 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: Javier Colato, Economist