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Spain: Industrial production picks up – ING

"Industrial production in November grew by 2.1% year-on-year, the highest since January 2019," ING analysts said assessing the latest Industrial Production data from Spain. 

Key quotes

"The activity stems mainly from capital goods (6.2% year-on-year) and non-durable consumer goods (1.5% year-on-year)."

"The PMI for the manufacturing sector remains under 50, coming in at 47.4 in December. Confidence remains low and is weighing on hiring and employment. On a positive note, the index did stabilise during the last two months after falling to a low of 46.8 in October."

"We expect GDP growth for the fourth quarter to come in at 0.4% quarter-on-quarter, as in the third quarter of 2019. The annual growth rate, in that case, would be equal to 2% compared to 2.4% in 2018. For 2020, we expect a weaker domestic labour market and weaker global environment to slow activity. We forecast 1.4% growth this year."

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