Bankinter: Industrial Production in November was worse than expected: -4.8% year-on-year versus -4.0% expected and -3.4% previously (revised from -3.5%). In monthly data: -0.7% month-on-month against +0.3% expected and -0.3% previously (revised from -0.4%).
Bankinter assessment: Weak data. This is the sixth consecutive decline of the indicator in annual rate and reflects that the weakness of the manufacturing sector is still present. The slowdown in demand in a context of still high inflation and high energy prices is particularly detrimental to the industrial sector. Yesterday, Factory Orders sent the same signal by falling more than expected (-4.4% year-on-year in November against an expected -3.4%).
