Industrial production fell a marginal 0.1% year-on-year in seasonally- and calendar-adjusted terms in September, contrasting August’s revised 1.0% increase (previously reported: +1.2% year-on-year) and marking the first contraction since July 2016. Meanwhile, annual average industrial output growth edged down from 2.5% in August to 2.2% in September, a 15-month low.
September’s result largely reflected the swing to contraction in the production of capital and intermediate goods compared to the previous month. In addition, production of consumer goods declined for the fifth consecutive month in September while energy output growth moderated compared to August.
On a month-on-month basis, adjusted for seasonal and calendar effects, factory output slid 0.7% in September, contrasting the revised 0.6% expansion logged in August (previously reported: +0.7%).
Spain Industrial Production Forecast
FocusEconomics Consensus Forecast panelists see industrial production expanding 2.1% in 2019, which is unchanged from last month’s forecast, and 2.0% in 2020.