Spain: Industrial production moderates pace of decline
June 6, 2012
In May, industrial production dropped 5.4% over the same month last year, which represents an improvement compared to the 8.2% drop observed in April. The softer decline was driven by a smaller contraction in the manufacturing sector, whereas the production of electricity and gas as well as mining deteriorated over the previous month. On a working day adjusted basis, industrial output fell 6.1%. The decline was less than the 8.3% drop recorded in April and better than market expectations of an 8.1% contraction. Despite the milder monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from minus 4.2% in April to minus 4.7% in May.