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Spain Industrial Production Growth Improves In April

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Spain's industrial production rose at a faster pace in April, underpinned by output growth in consumer goods and energy sectors, preliminary data from the statistical office INE showed Tuesday.

The seasonally and calendar adjusted industrial production index climbed 2.4 percent year-on-year following a 0.4 percent rise in March, which was revised from a 0.1 percent increase. Economists had expected production to fall 0.2 percent.

Production of consumer goods increased 6.2 percent annually. Output of consumer durable goods increased 7.8 percent and that of non-durables grew 5.2 percent.

Energy production rose 4.6 percent and capital goods output increased 2.1 percent. Production of intermediate goods decreased 0.2 percent.

Without adjustments, industrial production decreased 0.4 percent annually in April after remaining unchanged in the previous month.

On a month-on-month basis, industrial production increased 2.1 percent, reversing a 2.0 percent fall in March.

The latest Purchasing Managers' survey showed that manufacturing activity expanded at a slightly faster pace in May on strong growth in output despite stagnant demand conditions caused by concerns over inflation and geographical uncertainty.

The survey revealed that new orders failed to grow in May due to ongoing concerns about severe inflationary pressures. This also created a lower export business.

Looking ahead, manufacturers remained positive about the future, though worries over inflation and geopolitical uncertainties persisted, the survey showed.

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