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Spain: Industrial production slows to 13-month low in November

January 9, 2015

In November, industrial production was flat over the same month last year in working-day adjusted terms, which was well below the revised 1.1% increase tallied in October (previously reported: +1.2% year-on-year). The print, which represented the weakest reading since October 2013, mainly reflected a sharp contraction in production of energy and capital goods.

Annual average variation of industrial production inched down from October’s 1.7% to 1.5% in November, thereby reaching the lowest print in four months.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.2% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees industrial output growth at 2.6%.


Author: Ricard Torné, Head of Economic Research

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Spain Industry Chart


Spain Industry November 2014

Note: Year-on-year and annual average variation of working-day adjusted industrial production index.
Source: National Statistical Institute (INE) and FocusEconomics calculations.


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