Spain Industry November 2017

Spain

Spain: Industrial production growth remains solid in November

January 11, 2018

In November, industrial production continued to benefit from healthy operating conditions in the manufacturing sector. Industrial output was 4.2% higher compared to a year ago, slightly below the revised 4.4% year-on-year expansion recorded in October (previously reported: +4.1%). Meanwhile, annual average growth in industrial production rose to 2.4% from 2.3% in October, the highest reading since September 2016.

November’s result was driven by growth across most sub-components. Equipment and intermediate goods output growth remained resilient in November at October’s robust figures, while energy production swung from a 1.6% contraction in October to a 4.6% expansion in November. Non-durable consumer goods output, however, decelerated markedly in November, while durable consumer goods production contracted in November following healthy growth in October.

On a month-on-month basis, adjusted for seasonal and calendar effects, industrial production expanded 1.0% in November after increasing 0.6% in October.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.3% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees industrial production growth at 2.2%.


Author:, Economist

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Spain Industry November 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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