Spain Industrial Production Growth Eases More Than Expected

(RTTNews) - Spain's industrial production growth slowed sharply for a third month in July and at a faster than expected pace, preliminary data from the statistical office INE showed Friday. Industrial production increased a seasonally adjusted 3.4 percent year-on-year after an 11.2 percent rise in June. Economists had forecast a 5.9 percent growth. The pace of production annual growth has slowed every month since hitting a peak 50.3 percent in April. On a non-adjusted basis, industrial production rose 0.4 percent annually in July after an 11.0 percent growth in the previous month. Production of durable consumer goods rose 11.1 percent, and that of intermediate goods increased 9.2 percent. Manufacture of non-durable consumer goods grew 3.9 percent.

Meanwhile, production of energy fell 3.7 percent and that of capital goods dropped 1.9 percent. Compared to the previous month, industrial production decreased 1.1 percent, same as in June. Output fell for a second month in a row.