Spanish Industrial Output Fell in June as Economy Extends Three-Year Slump
Spanish industrial production dropped in June after stalling in the previous month as the economy struggled to emerge from a three-year slump.
Output at factories, refineries and mines fell 2 percent from a year earlier, adjusted for the number of working days, the National Statistics Institute in Madrid said today in an e- mailed statement. Non-seasonally adjusted production declined 2.7 percent from a year earlier.
Spain’s government forecasts the economy will grow 1.3 percent this year as exports offset the impact of a 21 percent unemployment rate and austerity measures on domestic demand. The government has cut public wages, frozen pensions and axed benefits to reduce the euro region’s third-largest budget gap by half in two years.
To contact the reporter on this story: Angeline Benoit in Madrid at Abenoit4@bloomberg.net
To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net
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