Spain: Industrial production continues to decline
March 7, 2012
In January, industrial production contracted 2.4% over the same month last year, which was softer than the revised 6.5% drop observed in December (previously reported: -7.0% year-on-year). On a working-day adjusted basis, industrial output declined a sharper 4.2%. The result was down from the 3.5% drop recorded in December (previously reported: -3.7% yoy) but came in virtually in line with market expectations, which had anticipated industrial output would fall 4.3%. The decline was broad-based, as all sub-sectors contracted over the same month the previous year. As a result of the negative monthly figure, the trend continues to point downwards, with annual average growth in industrial production falling from minus 1.4% in December to minus 2.0% in January.