Spain continues to slow down: production down for the second consecutive month

Industrial production in Spain fell for the second consecutive month in April, according to data released today which seem to confirm a general slowdown in the Iberian economy. Based on what was communicated by the National Statistical Institute, Ine, in April industrial production contracted by 4,1% compared to the same period of 2010. After eliminating the data for the calendar effect, the decrease on an annual basis amounts to 1,6%. Despite the double step backwards, the figure for the first quarter remains positive with a +1,3 year on year.
The new slowdown in Spanish industry is largely attributable to the sharp decline in durable consumer goods (-15,7%). The non-durable (-5,2%) and intermediate (-3,7%) ones also fell. Pharmaceuticals (-18,9%) and metals for construction (-11,5%) stand out among the product categories that performed the worst. In sharp recovery compared to a year above all graphic arts and related services (+18,8%) and motor vehicle production (+8%).