Spain: Industrial production growth ticks up in July
September 7, 2018
Industrial production grew 0.5% year-on-year in seasonally- and calendar-adjusted terms in July, slightly picking up pace from June’s revised 0.4% rise (previously reported: +0.5% year-on-year). Consequently, annual average industrial output growth declined from 2.9% in June to 2.6% in July, a 10-month low.
July’s result largely reflected a softer decline in energy production compared to June and a more moderate expansion of production of capital and intermediate goods. Meanwhile, consumer goods output fell for the third consecutive month in July and at the same rate than in the previous month.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output dipped 0.3% in July, a smaller drop than the confirmed 0.6% fall logged in June.
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.5% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, the panel expects industrial production to grow at 2.2%.
Author: Javier Colato, Economist