FX.co ★ Spain's Industrial Output Falls At Faster Rate

Spain's industrial output declined at a faster pace in August, largely due to lower energy and intermediate goods production, the statistical office INE reported Thursday.

Industrial output declined 3.4 percent year-over-year in August, which was worse than the 2.2 percent decrease in July.

The expected decline was 2.1 percent. Production has been falling since April.

On an unadjusted basis, the annual decrease in industrial production was 3.6 percent, compared to a 2.1 percent fall seen a month ago.

Production of energy and intermediate goods registered a strong decline of 6.2 percent and 4.3 percent, respectively. Capital goods output fell 2.3 percent.

Month-on-month, industrial production dropped 0.8 percent versus a 0.1 percent rebound in July.