Spain: Industrial production rebounds in August
October 6, 2011
In August, industrial production unexpectedly expanded a working-day adjusted 0.3% over the same month last year, the first improvement since February this year. The expansion contrasted the revised 2.3% drop in July (previously reported: -2.8% year-on-year) and defied market expectations, which had industrial production contracting 4.7%. The reading was the result of a rebound in manufacturing (July: -1.5% yoy; August: +1.7% yoy), which was partially offset by contractions in the mining and energy production sectors. Despite the slight monthly improvement, annual average growth in industrial production inched down from a flat reading in July to a 0.1% contraction in August, the first negative reading since September 2010.