Spain: Industrial production slips in December
February 4, 2011
In December, industrial production fell a working-day adjusted 0.1% over the same month the previous year, which contrasted both the 2.7% expansion observed in November as well as market expectations, which had industrial output expanding 1.5%. The December contraction was driven by a 3.4% year-on-year drop in manufacturing output as well as a 0.5% drop in mining. The declines were largely offset by a 3.6% expansion in the electricity, gas, steam and air conditioning sector. On a use-based classification, declining output of durable and capital goods and were the main drivers behind the December contraction, mitigated by expanding energy production. Despite the slight December drop, the trend continues to improve, closing the year with a 0.9% annual average growth, contrasting the 16.2% in 2009.