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.
Author: Javier Colato, Economist