Spain Industrial Production Rises For First Time in 2 1/2 YearsAngeline Benoit
Spanish industrial output rose in September for the first time in 2 1/2 years as the euro region’s fourth-largest economy began its recovery from a recession.
Production at factories, refineries and mines adjusted for the number of working days increased 1.4 percent from a year earlier, after declining a revised 2.1 percent in August, the National Statistics Institute in Madrid said in a statement today. Economists forecast a 1.4 percent drop, according to the median of eight estimates.
Prime Minister Mariano Rajoy is counting on exports to end an economic slump triggered in 2008 by the collapse of a real-estate boom. Unemployment has surged to 26 percent, while the nation’s budget deficit was the largest in the European Union last year.
Gross domestic product rose 0.1 percent in the third quarter after a 0.1 percent drop in the previous three months. Industrial production accounts for about 16 percent of the economy.