Spain: Industrial production declines following first expansion in over two years
December 5, 2013
In October, industrial production fell a working-day adjusted 0.8% over the same month last year. The print contrasts the 0.8% increase recorded in September (previously reported: +1.4% year-on-year), which had marked the first expansion in industrial output since February 2011. The decline reflects a broad-based deterioration, with consumer goods and energy recording the largest drops. Conversely, capital goods recorded an expansion in October.
Annual average variation in industrial production rose from minus 3.6% in September to minus 3.2% in October, marking the highest level since March 2012.
FocusEconomics Consensus Forecast panelists see industrial production contracting 2.4% in 2013, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees industrial output rebounding to a 0.5% increase, which is down 0.1 percentage points over the previous month's estimate.