Spanish durable goods production jumps again in March

A large drop in energy output weighed on activity levels in Spanish industry in March, masking a sharp increase in output of long-lasting goods, in a potentially positive sign for that Mediterranean economy.

Total industrial production fell by 0.4% month-on-month in March, following a drop of 0.2% in the month before, according to INE.

That was worse than the flat reading economists had projected.

In comparison to a year ago, output was 0.4% higher, versus February's 2.5% rate of gains and an advance of 2.9% during the same month of 2016.

However, that trend masks a sharp 11.4% increase in production if durable consumer goods but offset to a certain extent by a 5.9% drop in energy output.

Those same trends were evident in the month-on-month comparisons, the data from INE revealed, with production of durable consumer goods ahead by 1.9% last month in comparison to February but that of energy down by 3.1%.

Non-durable consumer goods production also increased in March, rising by 0.5% on the month, together 0.2% increase in output of capital goods.