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Spain Manufacturing Sector Contracts In April

The Spanish manufacturing sector deteriorated sharply in April due to a substantial fall in new orders and production, Markit Economics reported Wednesday.

The seasonally adjusted Purchasing Managers' Index fell for the third month running in April, posting 43.5 in April, down from 44.5 in March. The latest reading signaled the fastest worsening of operating conditions since June 2009. The reading was slightly below the consensus forecast of 43.6.

Domestic as well as export demand decreased in April. Lower new business and the current economic crisis in Spain contributed to a fall in output.

Cost inflation slowed and was weaker than the survey average. Output prices dropped further, as strong competition and weak demand largely prevented firms from raising their charges.

by RTT Staff Writer

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