Spain: Industrial production rebounds from the first contraction in over two years in October
December 5, 2018
Industrial production rose a modest 0.8% year-on-year in seasonally- and calendar-adjusted terms in October, rebounding from September’s revised 0.2% dip (previously reported: -0.1% year-on-year), which had marked the first contraction in over two years. Nevertheless, annual average industrial output growth inched down to a 16-month low of 2.0% in October from 2.2% in September.
October’s result reflected the return to growth of most major sectors as the production of consumer, capital and intermediate goods rebounded compared to September. In contrast, energy output contracted in October, which weighed on the headline figure.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output climbed to an eight-month high of 1.2% in October, also rebounding from the 0.7% contraction logged in September.
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.1% in 2019, which is unchanged from last month’s forecast, and 2.0% in 2020.
Author: Javier Colato, Economist