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Spain's industrial production falls

business Updated: Aug 09, 2013 16:32 IST

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Spain's industrial production fell by 4.5 % in June when compared to the same month of last year, according to the Index of Industrial Production (IPI) published by the National Institute of Statistics (INE).

On a month-to-month basis, industrial production also fell by 4.6 % since May which is the lowest rate over the last five years, the INE said Thursday.

In the first semester industrial production fell by 3.8 % in comparison with the same period of 2012, reported Xinhua.

According to the INE, industrial production fell in all sectors in annual terms except from capital goods, where it increased by 1.5 %. The others have seen their production decrease from June 2012 to June 2013.

Durable consumer goods, such as cars or buildings, saw a decrease of 16.3 %, while intermediate goods decreased by 5.7 %, especially chemical industry production.

Non-durable consumer goods production, such as drinks, food, clothes or shoes, fell by 7.2 % in comparison with the same month of 2012, while, energy production decreased by 3.3 % in annual terms.

June marks the second consecutive month of decline of industrial production in Spain after an increase of 7.5 % in April.

The government expects the Spanish economy to gradually recover since the third quarter of the year and register positive economic growth by the end of 2013 and beginning of 2014.

However, the International Monetary Fund (IMF) predicted that Spain would not register a growth until 2015.

Thursday also saw Spain's temporary agencies report employment will "slightly" increase in the third quarter of the year via temporary and part-time contracts.

Experts consulted by the European Central Bank (ECB) predicted that euro zone's unemployment rate will reach 12.4 % in 2014, while the economy will suffer a 0.6 % contraction in 2013.