Spanish industrial production falls by 1.4% in June and returns to negative rates

manufactoring Spain

CdM | Spanish industrial production returned to negative rates in June, a month in which the General Industrial Production Index (IPI) fell by 1.4% year-on-year, according to data from the National Statistics Institute (INE). This rate is 1.4 points lower than in May.

Adjusted for seasonal and calendar effects, the index presented a fall of 3% in June with respect to the same month the previous year. This rate is 2.4 points lower than that registered in May.

By sector, and in indices adjusted for seasonal and calendar effects, all except Capital goods (2.6%) present negative annual rates. The largest decreases correspond to Energy (-9.8%), Consumer durables (-5.1%) and Intermediate goods (-4.9%).

By Autonomous Communities, industrial production increased with respect to June 2022 in six and decreased in the other 11. The greatest increases occur in Canarias (8%), Comunidad de Madrid (4.2%) and La Rioja and Cataluña (both 3.4%), and the greatest decreases in Región de Murcia (-13.2%), Principado de Asturias (-9.1%) and Andalucía (-6.3%).

“The data confirm that industry was a drag on Spanish GDP last quarter,” say analysts at Pantheon Macroeconomics, who believe that, going forward, the industrial sector “will again be a drag on Spanish GDP in the third quarter, and perhaps even in the fourth quarter”.

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