2023.06.0614:42:00UTC+00Spain Industrial Production Falls Unexpectedly

Spain's industrial production declined unexpectedly in April, as output in all sectors contracted except capital goods, preliminary data from the statistical office INE showed on Tuesday.

Industrial production declined by an adjusted 0.9 percent year-over-year in April, reversing a 4.1 percent gain in March. Meanwhile, economists had expected a 1.5 percent increase.

On an unadjusted basis, industrial output fell 4.0 percent, in contrast to the 5.4 percent recovery seen in the preceding month.

The adjusted annual decline was largely driven by the 4.9 percent fall in the durable consumer goods division, closely followed by a 4.3 percent decrease in intermediate goods output.

Production of energy items slid 1.5 percent, while capital goods output advanced 3.2 percent.

Month-on-month, industrial output fell 1.8 percent in April versus a 1.3 percent increase in March. Further, this was the biggest decline in thirteen months.