Spain: Industrial production rebounds from sharpest contraction in six years in January
March 8, 2019
Industrial production increased 2.4% year-on-year in seasonally- and calendar-adjusted terms in January, contrasting December’s revised 5.9% decline (previously reported: -6.2% year-on-year), which had marked the sharpest contraction in six years. In turn, annual average industrial output growth ticked up to 0.5% in January from 0.3% in December.
January’s rebound reflected a return to growth in output across all major sectors. The production of consumer, capital and intermediate goods rose after contracting in the previous month while energy output broke a three-month streak of declines, rebounding solidly in January.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output climbed 3.4% in January, contrasting the 1.2% fall logged in December.
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 1.1% in 2019, which is down 0.9 percentage points from last month’s forecast, and 1.5% in 2020.
Author: Javier Colato, Economist