Spain: Industrial production rebounds in November
January 5, 2011
In November, industrial production expanded a working-day adjusted 2.3% over the same month the previous year, which contrasted a 1.9% contraction in October and belied market expectations of a 3.4% decline. The November expansion was driven by a 2.5% year-on-year increase in manufacturing output, which contrasted the 4.6% drop in October. Moreover, the electricity, gas, steam and air conditioning sector continued to grow (+6.4% yoy), whereas mining dropped (-5.7% yoy). On a use-based classification, rising output of intermediate goods and energy were the main drivers behind the November expansion. Durable consumer goods production was the only sub-sector that contracted over the same month last year. The trend continues to improve, with the annual average variation in industrial production jumping from 0.1% in October to 0.8% in November, which marks the second positive reading since April 2008.