Growth in Spanish Industrial Production Falters in June

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Spanish industrial production increased slower than expected in June, fuelling concerns that the rebound in one of the eurozone’s major economies is losing momentum, the Financial Times reported. Year-on-year the rate of industrial production in Spain rose 0.5 per cent, significantly slower than the 1.9 per cent rise forecast by analysts in a Reuters poll and below the 1.6 per cent rise recorded in May, according to data from the Instituto Nacional de Estadistica. The fall was driven by a 8.3 per cent fall in energy production, and continued the downward trajectory seen since March. Meanwhile, production fell 0.6 per month-on-month, a reversal from the 0.8 per cent rise (restated from an earlier estimate of 0.9 per cent) seen in May. Only capital goods production increased, by just 0.1 per cent, while a 3.8 per cent fall in energy drove the overall decline, with durable consumer goods production also 1.4 per cent lower. Read more. (Subscription required.)