Tuesday. 31.01.2023
ECONOMY

Spain industrial output rises strongly driven by consumer goods

February's industrial production figures are the last for a period not influenced by the invasion of Ukraine and the subsequent economic sanctions on Russia, which last month triggered a spike in oil prices
23 March 2022, Spain, Lugo: truck drivers protest with their vehicles as the transport sector entered its 10th day of an indefinite strike, called nationwide by the Platform for the Defence of the National and International Road Freight Transport Sector, to protest the unacceptable working conditions and fuel price surge. Photo: Jesús Hellín/EUROPA PRESS/dpa.
Truck drivers protest with their vehicles last month against fuel price surge caused by the Ukraine war. Photo: Jesús Hellín/dpa/File photo.

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.

Spain industrial output rises strongly driven by consumer goods
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