Spain: Pace of industrial production growth weakens further in June
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).