Spanish Industrial Output Falls Most Since October 2009

Spanish industrial production unexpectedly fell the most in more than two years in April as the fourth-largest economy in Europe’s single currency union sank deeper into recession amid surging borrowing costs.

Output at factories, refineries and mines adjusted for the number of working days fell 8.3 percent from a year earlier, the biggest contraction since October 2009, the National Statistics Institute in Madrid said today in an e-mailed statement. That is more than the median forecast for a 6.5 percent contraction by eight economists surveyed by Bloomberg, and follows a 7.5 percent drop in March.