Spain Industry

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Spain: Industrial production growth softens in May

July 7, 2014

In May, industrial production rose a working-day adjusted 2.5% over the same month last year. May’s print represented a deceleration compared to the revised 4.1% increase recorded in April (previously reported: +4.3% year-on-year), but it did represent the seventh consecutive month of expansion in industrial output. May’s result mainly reflected a broad-based deceleration, with capital goods recording the weakest growth since August 2013.

Annual average variation of industrial production rose from 0.5% in April to 1.0% in May, marking the highest level since February 2011.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.6% in 2014, which is up 0.2 percentage points from last month’s forecast. For 2015, the panel sees industrial output growth at 2.3%.


Author: Ricard Torné, Lead Economist

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Spain Industry May 2014

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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