Spain: Industrial production in free fall
May 7, 2012
In March, industrial production plummeted 10.4% over the same month last year, which represented a sharp deterioration compared to the revised 3.2% drop observed in February (previously reported: -3.0% year-on-year). The figure marks, in fact, the largest drop recorded since October 2009. On a working day adjusted basis, industrial output fell a milder 7.5%. The decline exceeded the 5.3% drop recorded in February (previously reported: -5.1% yoy). The monthly fall was broad-based, as all three sub-sectors composing the index suffered sharp declines over the same month last year. As a result of the monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from minus 2.9% in February to minus 4.0% in March.