Spain Industry April 2017


Spain: Industrial production struggles to regain footing in April

June 7, 2017

Industrial output expanded 0.7% in working-day adjusted terms in April compared to the same month last year. This marked a slight improvement over March’s revised 0.6% increase (previously reported: +0.4% wda year-on-year) and a disappointment to market analysts, who had expected industrial output to grow 1.2%. As a result of April’s print, the annual average growth in industrial output eased from 1.8% in March to 1.6%, the weakest expansion in nearly two years.

According to the National Statistical Institute, the small pick-up in output was led by strong gains in durable consumer and intermediate goods production. These, however, were partially offset by yet another decline in energy output and a downswing in intermediate goods production.

On a monthly basis, industrial production rose a meagre 0.1% in April when adjusted for seasonal and calendar effects, which contrasted March’s 0.3% contraction.

FocusEconomics Consensus Forecast panelists see industrial production expanding 2.4% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees industrial production growth at 2.0%.

Author:, Economist

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Spain Industry Chart

Spain Industry April 2017

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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