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Spanish IP Stronger Than Expected

SPAIN DATA
MNI (London)

SPAIN JUL IND PRD +9.3% M/M, -6.4% Y/Y; JUN +13.6% M/M

  • Monthly IP ticked up again in Jul, growing by 9.3% and coming in stronger than markets expected (BBG: 3.5% m/m).
  • Jun's growth rate was revised down to 13.6% from 14.0% previously posted.
  • Annual IP improved further as well to -6.4%, also beating market forecasts looking for an uptick to -10.7%.
  • Jul's uptick was broad-based with consumer durable goods showing the largest m/m increase (+14.2%), followed by intermediate goods (+11.6%).
  • Energy output increased 7.3%, while capital goods rose 6.2% and consumer non-durable goods gained 0.9%.
  • On an annual basis, the leather and footwear industry (-31.4%) posted the biggest decline, while extractive industries (+10.2) and Pharmaceuticals (+9.0) showed the largest gains.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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