Spain: Industrial production drops in April
June 6, 2011
In April, industrial production dropped a working-day adjusted 1.6% over the same month last year, following the revised 0.4% decrease observed in March (previously reported: -0.9% year-on-year). The reading contrasted market expectations of a 1.8% expansion and marked the largest drop in six months. Weak consumer demand and rising concerns regarding the pace of the economic recovery contributed to the dismal reading. The monthly drop was broad-based, as all sub-indices contracted over the same month the previous year in working-day adjusted terms. As a result of the monthly drop, annual average growth in industrial production eased from 1.2% in March to 0.9% in April, marking the second consecutive decline.