Tuesday. 05.07.2022
ECONOMY

Spanish industrial production grows at a faster rate than expected

Production of consumer goods increased 6.2% annually; output of consumer durable goods increased 7.8% and that of non-durables grew 5.2%

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Photo: Pexels/File photo.

Spain's industrial production rose at a faster pace in April, underpinned by output growth in consumer goods and energy sectors, preliminary data from the statistical office INE showed Tuesday.

The seasonally and calendar adjusted industrial production index climbed 2.4% year-on-year following a 0.4% rise in March, which was revised from a 0.1% increase. Economists had expected production to fall 0.2%.

Production of consumer goods increased 6.2% annually. Output of consumer durable goods increased 7.8% and that of non-durables grew 5.2%.

Energy production rose 4.6% and capital goods output increased 2.1%. Production of intermediate goods decreased 0.2%.

Without adjustments, industrial production decreased 0.4% annually in April after remaining unchanged in the previous month.

On a month-on-month basis, industrial production increased 2.1%, reversing a 2.0% fall in March.

Manufacturing

The latest Purchasing Managers' survey showed that manufacturing activity expanded at a slightly faster pace in May on strong growth in output despite stagnant demand conditions caused by concerns over inflation and geographical uncertainty.

The survey revealed that new orders failed to grow in May due to ongoing concerns about severe inflationary pressures. This also created a lower export business.

Looking ahead, manufacturers remained positive about the future, though worries over inflation and geopolitical uncertainties persisted, the survey showed.

Spanish industrial production grows at a faster rate than expected
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