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.
Author: David Ampudia, Economist