Spain: Industrial production falls most in almost three years
November 7, 2012
In September, industrial production plummeted 11.7% over the same month last year, the largest fall recorded since October 2009. The decline represented a deterioration compared to the revised 2.5% contraction observed in August (previously reported: -3.1% year-on-year). With this result, industrial output has now declined during 13 consecutive months. The monthly drop was driven by a sharp contraction in manufacturing as well as in the mining sector. On a working day adjusted basis, industrial output fell 7.0% over the same month last year. The decline exceeded both the revised 2.5% drop recorded in August (previously reported: -3.2% yoy) as well as market expectations of a 3.5% contraction. As a result of the larger contraction in September, the trend continues to point downwards, with annual average growth in industrial production dropping from minus 5.2% in August to minus 6.0%.