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.
by RTT Staff Writer
For comments and feedback: email@example.com