6 Jun, 2023 @ 12:00
1 min read

Spain’s soaring industrial output hit by unexpected slump in April, new data shows

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SPAIN’S economic good times hit another bump in the road after preliminary data revealed an unexpected decline in the country’s industrial production for the month of April.

The report, from national statistics agency INE, indicates that output across all sectors, except capital goods, contracted during this period.

It marks a disappointing reversal from the 4.1% growth experienced in March, as economists had hoped for a 1.5% increase.

During April, industrial production decreased by a surprising 0.9% on last year.

On an unadjusted basis, industrial output fell by 4.0 percent, contrasting with the 5.4 percent recovery seen in the preceding month.

The contraction in industrial production was primarily driven by a significant 4.9 percent fall in the durable consumer goods division, closely followed by a 4.3 percent decrease in intermediate goods output. 

Meanwhile, production of energy items slid by 1.5 percent. 

However, there was a silver lining as the output of capital goods demonstrated resilience by advancing 3.2 percent.

Looking at the month-on-month figures, industrial output experienced a substantial decline of 1.8 percent in April, in stark contrast to the 1.3 percent increase observed in March. 

This decline represents the largest drop in thirteen months, adding to the surprise and concern surrounding Spain’s industrial sector performance.

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Walter Finch

Walter Finch, who comes from a background in video and photography, is keen on reporting on and investigating organised crime, corruption and abuse of power. He is fascinated by the nexus between politics, business and law-breaking, as well as other wider trends that affect society.
Born in London but having lived in six countries, he is well-travelled and worldly. He studied Philosophy at the University of Birmingham and earned his diploma in journalism from London's renowned News Associates during the Covid era.
He got his first break in the business working on the Foreign News desk of the Daily Mail's online arm, where he also helped out on the video desk.
He then decided to escape the confines of London and returned to Spain in 2022, having previously lived in Barcelona for many years.
He took up up a reporter role with the Olive Press Newspaper and today he is based in La Linea de la Concepcion at the heart of a global chokepoint and crucial maritime hub, where he edits the Olive Press Gibraltar edition.
He is also the deputy news editor across all editions of the newspaper.

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