Spain industrial output rises strongly driven by consumer goods

Spain industrial production grew at a faster pace in February driven by consumer goods output, according to fresh figures from the Spanish statistical office (INE).

Industrial output climbed by an adjusted 3% year-on-year in February, following January's 2% increase.

On an unadjusted basis, industrial production growth improved to 3.9%, down from 4.1%, the INE's data showed.

All productive sectors posted positive annual growth rates in February.

Consumer goods output advanced 6% (with a gain of 9.1% for consumer durables and 5.4% for non-durables). Intermediate goods production gained 4.5%.

At the same time, energy output grew by 2.6% and capital goods output by 1.8%, according to the statistical office.

Month-on-month

Month-on-month, industrial production returned to positive rates and increased by 0.9% in February, following the flat rate logged in January (0%) and a slight decline in December (-0.3%).

All sectors achieved positive month-on-month rates, except the energy sector (−0.7%).

The largest monthly increases were registered by the intermediate goods (1.7%) and non-durable consumer goods (1.4%).

The industrial production results published on Monday by the INE for the month of February are the last for a period not influenced by the invasion of Ukraine and the subsequent economic sanctions on Russia.