Spanish industrial production dropped at a slower pace in May, data released by the statistical office INE revealed Friday.
The calendar-adjusted industrial production dropped 6.1 percent year-on-year, following an 8.3 percent fall in April. Economists had expected an 8.1 percent drop. The pace of decline slowed for the second straight month.
On an unadjusted basis, production fell 5.4 percent annually, after declining 8.2 percent in April and 10.5 percent in March.
The latest purchasing managers' survey indicated that activity in the Spanish manufacturing sector deteriorated to the lowest level in more than three years in June. The country is in the throes of a deepening recession as well as a debt crisis and has the highest jobless rate in the euro area.
Meanwhile, jobless claims declined for a third consecutive month and at a steep rate in June as the country prepared for the start of the summer tourism season, data from the Employment Ministry revealed this week. Despite the latest declines, the unemployment figure is likely to rise in the coming months as the government introduces more austerity measures and labor reforms.
Gross domestic product fell 0.3 percent sequentially in the first quarter, pushing the economy into a recession. Last week, the Bank of Spain said recession intensified in the second quarter.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.