Spanish industry rebounds in September as energy production grows
Spain’s industrial production rose 0.8 per cent in September after declining in August. Annual growth reached 2 per cent after seasonal and calendar adjustment, with energy leading the increase while consumer goods production fell. The unadjusted annual rate was 2.5 per cent. Regional results ranged from growth in Madrid to contraction in Navarre.
Economics & Markets··Evening
September reverses August’s decline
Spanish industrial production recovered in September, increasing 0.8 per cent from August after seasonal and calendar adjustment. The previous month had recorded a 0.7 per cent fall. Annual growth accelerated to 2 per cent in the adjusted series, while the unadjusted increase was 2.5 per cent. Spain’s National Statistics Institute, INE, released the provisional figures on 6 November.[1], [2]
The adjusted annual growth rate was 0.7 percentage points above August’s. In the original series, the acceleration was 1.2 percentage points. The index measures production volumes with price effects removed and excludes construction.[1]
Energy grows while consumer goods contract
Energy led the adjusted annual increases with growth of 6.6 per cent. Capital goods rose 2.8 per cent and intermediate goods 1.8 per cent. Consumer goods output declined 1.6 per cent: durable goods fell 5.2 per cent and non-durable goods 1.2 per cent. On a monthly basis, however, durable consumer goods increased 2 per cent and non-durable goods rose 0.3 per cent.[1]
Madrid records the strongest regional increase
Unadjusted annual production rose 8.6 per cent in Madrid, 5.6 per cent in Murcia and 5.3 per cent in Andalusia. Navarre recorded a 5.5 per cent fall, Extremadura 4 per cent and Cantabria 3.6 per cent; Catalonia was unchanged. The national survey draws on approximately 11,500 industrial establishments and more than 1,100 products, covering mining, manufacturing, energy and water activities. Incoming information can revise the latest two months of unadjusted observations and the historical adjusted series.[1]
