FX.co ★ Spain Industrial Output Shrinks 1.2%

Spain saw a decrease in its industrial production for the first time in three months in March, mainly due to a deepening contraction in energy output, according to data released by the Spanish statistical office, INE.

In March, industrial output fell by 1.2% year-over-year, a significant reversal from the 1.3% increase recorded in February.

When not accounting for seasonal adjustments, industrial production plummeted by 11.3% from the previous year, compared to a 4.3% increase in the previous month. This represented the most significant decline in nearly four years.

Looking at the data more specifically, the production of energy goods experienced the sharpest decrease, dropping by 3.8% year-over-year. This was a deterioration compared with the 1.5% decline seen a month ago. Production of capital goods also fell, showing a decrease of 1.4%.

On a brighter note, the production of consumer goods demonstrated progress by growing 3.3%. Similarly, the output of intermediate goods showed a slight rise, increasing by a mere 0.1%.

In terms of monthly figures, industrial output experienced a minor slide of 0.7%, in stark contrast to the 0.7% growth seen in February.