Financial News: Spain Industrial Output Shrinks 1.2%

Spain Industrial Output Shrinks 1.2%

05/08/2024 - 04:31:00 (RTTNews)

(RTTNews) - Spain's industrial production decreased for the first time in three months in March as the contraction in energy output deepened, data from the statistical office INE showed on Wednesday.

Industrial output dropped 1.2 percent year-over-year in March, reversing a 1.3 percent increase in February.

On an unadjusted basis, industrial production plunged 11.3 percent from last year versus a 4.3 percent rise in the prior month. Moreover, this was the biggest fall in nearly four years.

Among components, energy goods production contracted the most by 3.8 percent annually, worse than the 1.5 percent drop a month ago. Capital goods production also logged a decline of 1.4 percent.

Meanwhile, consumer goods production advanced 3.3 percent, and that of intermediate goods managed to increase only 0.1 percent.

Month-on-month, industrial output slid 0.7 percent, in contrast to a 0.7 percent gain seen in February.

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