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Financial News: Spain Industrial Output Growth Slows In July

Spain Industrial Output Growth Slows In July

09/09/2022 - 06:27:00 (RTTNews)

(RTTNews) - Spain's industrial production growth eased in July after accelerating to a one-year high in the previous month, while labor costs rose at a faster rate in the second quarter, data from the statistical office INE showed on Friday.

Industrial production climbed a seasonally and calendar-adjusted 5.3 percent year-over-year in July, slower than the 7.0 percent rise in June, which was the highest rate of increase in twelve months.

Output produced in the energy sector was 14.0 percent higher in July compared to a year ago.

Capital goods output rose 6.4 percent, while that of consumer goods registered an increase of 4.1 percent. Meanwhile, production in the intermediate goods sector declined 1.9 percent.

On an unadjusted basis, industrial production growth eased notably from 6.6 percent to 1.3 percent.

On a month-on-month basis, industrial production fell 1.1 percent in July, reversing a 1.1 percent rebound in the prior month.

Separate data from the statistical office revealed that labor costs per worker grew a seasonally and calendar-adjusted 1.6 percent annually in the second quarter, following a 1.3 percent increase in the previous quarter.

On a quarterly basis, the rate of labor costs per worker rose 0.3 percent in the June quarter, following a 0.8 percent gain in the March quarter.

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