EuropeanAug 7 2015

Spain industrial production growth beats expectations

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Spain industrial production growth beats expectations

Spain recorded a 4.5 per cent increase in annual industrial output in June on a yearly basis, according to data from the Instituo Nacional de Estadistica.

The figure is well ahead of the 3.8 per cent expected by analysts.

On an unadjusted basis, industrial production was up 7.5 per cent.

It comes just two days after the country’s Purchasing Managers Index (PMI) for the services sector showed a reading of 59.7 in July, up from a reading of 56.1 in June.

Markit, which produced the PMI data, said the combined rise in employment across manufacturing and services was the strongest since early 2007.

The latest industrial output data from Spain suggests the country is powering ahead of other eurozone countries, including Germany which reported industrial production declined by 1.4 per cent month on month in June.