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Stronger-than-expected April IP, But Survey Evidence Conflicting On Path Ahead

SPAIN DATA

Spanish April industrial production was 0.3% M/M SWDA (vs -0.7% prior), in line with consensus expectations. On an annual basis, production rose 0.8% Y/Y SWDA (vs a one tenth downwardly revised -1.3% prior), versus a consensus (formed of just four analysts) of 0.6%.

  • On a 3m/3m basis, production rose 0.5% in April, the sixth consecutive expansion.
  • The print comes after the May manufacturing PMI was stronger than expected this week at 54.0 (vs 52.2 prior).
  • However, the EC’s industry survey dipped to -6.3 (vs -4.3 prior) in May, remaining in contractionary territory.
  • As such, survey evidence provides a conflicting picture of the path ahead for Spanish industry.
  • At a sub-component level, consumer goods rose 5.3% Y/Y, aided by a 6.3% rise on nondurable goods (which also rose 0.8% M/M). Capital goods production also rose at a strong 3.1% Y/Y and 0.9% M/M.

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Spanish April industrial production was 0.3% M/M SWDA (vs -0.7% prior), in line with consensus expectations. On an annual basis, production rose 0.8% Y/Y SWDA (vs a one tenth downwardly revised -1.3% prior), versus a consensus (formed of just four analysts) of 0.6%.

  • On a 3m/3m basis, production rose 0.5% in April, the sixth consecutive expansion.
  • The print comes after the May manufacturing PMI was stronger than expected this week at 54.0 (vs 52.2 prior).
  • However, the EC’s industry survey dipped to -6.3 (vs -4.3 prior) in May, remaining in contractionary territory.
  • As such, survey evidence provides a conflicting picture of the path ahead for Spanish industry.
  • At a sub-component level, consumer goods rose 5.3% Y/Y, aided by a 6.3% rise on nondurable goods (which also rose 0.8% M/M). Capital goods production also rose at a strong 3.1% Y/Y and 0.9% M/M.