Spain: Industrial production remains in negative territory
April 11, 2012
In February, industrial production contracted 3.0% over the same month the last year, which was down from the revised 2.5% drop observed in January (previously reported: -2.4% year-on-year). On a working day adjusted basis, industrial output fell a sharper 5.1%. The result marked a deterioration from the 4.3% drop recorded in January (previously reported: -4.2% yoy). The decline reflected a sharp contraction in the mining and manufacturing sectors, whereas electricity production increased 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 2.4% in January to minus 2.9% in February.