Spain: Industrial production logs sharpest contraction in six years in December
February 7, 2019
Industrial production plunged 6.2% year-on-year in seasonally- and calendar-adjusted terms in December, following November’s revised 3.2% decline (previously reported: -2.6% year-on-year) and marking the sharpest contraction in six years. In turn, annual average industrial output growth dipped to a paltry 0.3% in December from 1.3% in November.
December’s result reflected a contraction in output across all major sectors. The production of consumer, capital and intermediate goods suffered a sharper decline compared to the previous month. Meanwhile, energy output contracted for the third successive month in December.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output dipped 1.4% in December, following the 1.8% fall logged in November.
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.0% in 2019, which is down 0.1 percentage points from last month’s forecast, and 1.8% in 2020.
Author: Javier Colato, Economist