Spain: Industrial production softens at 2019-end
February 7, 2020
Industrial production rose 0.8% year-on-year in seasonally- and calendar-adjusted terms in December, down from November’s revised 1.6% expansion (previously reported: +2.1% year-on-year). Annual average growth in industrial output climbed from 0.1% to 0.7% in the final month of 2019.
December’s moderation reflected a weaker showing in most of the major sectors. The production of both consumer and capital goods eased compared to November, while intermediate goods output swung back to contraction. Meanwhile, energy production flatlined in December, after it had declined in the previous month.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output fell 1.4% in December, contrasting the 0.8% increase recorded in November.
Author: Javier Colato, Economist