Spain: Industrial production records largest contraction in four months
August 8, 2013
In June, industrial production fell a working-day adjusted 1.9% over the same month last year, which marks the fourth consecutive month of declining output. The print represents a deterioration over the 1.5% decline seen in May (previously reported: -1.3% year-on-year) and undershot market expectations of a 1.2% drop. The monthly reading mainly reflects a sharper contraction in durable and non-durable consumer goods.
The trend continues to improve, with annual average variation in industrial production stepping up from minus 4.6% in May to minus 4.2% in June.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.0% in 2013, which is up 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output remaining flat.