Spanish industrial production fell again in May amid concerns over a global economy strained by the war in Ukraine, figures from the National Institute of Statistics (INE) showed on Wednesday.
According to seasonally and calendar-adjusted data from INE, output fell 0.2% in the month after rising 2.1% in April. Compared to May 2021, heavily affected by the effects of the Covid-19 epidemic on activity, industrial production increased by 3.8%. According to INE, the weak momentum in May is explained by the decrease in activity in the textile production sector (-11.4%), electrical materials and equipment (-7.1%) and the tobacco industry (-4%).
Conversely, activity accelerated in coking and refining (+4.4%), as well as extractive industries (+4.2% for anthracite, coal and lignite, +12.1% for other minerals). The dynamic comes as Spain, like many countries, faces supply chain tensions that have been exacerbated by Russia’s invasion of Ukraine.
The conflict forced the Spanish government to sharply lower its 2022 growth forecast to 4.3%, down from 7% previously. This estimate remains higher than the OECD and Bank of Spain estimates, which calculate 4.1%.
Source: Le Figaro
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