Spain: Industrial production contracts the least in 19 months
May 9, 2013
In March, industrial production fell a working-day adjusted 0.6% over the same month last year. Despite remaining in negative territory, the print marks the best reading seen since August 2011, well above both the 6.9% drop tallied in the previous month and the 5.3% decrease anticipated by market analysts. The improvement was broad-based, as all sub-categories of the index gained ground compared to March last year. In particular intermediate goods and energy experienced a rebounded and now show positive growth.
Building on the softer annual decline, the trend now points upwards, with annual average variation in industrial production rising from minus 6.1% in February to minus 5.5% in March.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.3% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees industrial output rising 0.2%.