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Spanish IP Weaker Than Expected

SPAIN DATA
MNI (London)

SPAIN AUG IND PRD +0.4% M/M, -5.7% Y/Y; JUL +9.6% M/M

  • Monthly IP rose again in Aug, although at a slower pace of 0.4% and weaker than markets expected (BBG: 0.8%)
  • Jul's m/m growth rate was revised up to 9.6% from 9.3% previously posted.
  • Annual IP improved further as well to -5.7%, beating market forecasts looking for an uptick to -6.0%
  • All sectors except for non-durable goods (-1.1%) posted monthly gains with consumer durables rising by 5.1%, followed by capital goods (+3.8%), intermediate goods (+1.9%) and energy output (+0.4%)
  • On an annual basis, the leather and footwear industry (-26.9%) and coke and refined petroleum products (-20.1%) showed the largest declines, while the textile industry (+24.1%) revealed the largest y/y gain.
MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com

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