Spain: Pace of industrial production growth weakens further in June
August 8, 2018
Industrial production grew 0.5% year-on-year in seasonally- and calendar-adjusted terms in June, moderating from May’s revised 1.3% rise (previously reported: +1.6% year-on-year) and marking the third consecutive monthly deceleration. Consequently, annual average industrial output growth declined from 3.2% in May to 2.9% in June, a seven-month low.
June’s result was driven by a substantial drop in energy production and a soft decline in consumer goods output compared to May, which more than offset a slight pick-up in the production of capital goods and intermediate goods.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output dipped 0.6% in June. The print contrasted the revised 0.8% expansion logged in May (previously reported: +0.9% month-on-month).
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.5% in 2018, which is down 0.1 percentage points from last month’s forecast. For 2019, the panel expects industrial production to grow at 2.2%.
Author: Javier Colato, Economist