Spain's industrial production continues to fall

5th August 2009, Comments 0 comments

Spanish industrial output plunges 16.5 percent in June from the same month last year.

Madrid – Industrial production in Spain plunged 16.5 percent in June from the same month last year, official data showed Wednesday, deepening its decline in one of the EU countries worst-hit by the crisis.

It follows a seasonally adjusted fall of 20.5 percent in May, 19.7 percent in April and 24.7 percent in March, which was the sharpest drop since such figures were first calculated in 1992.

In the first six months of the year, industrial production plummeted 20.7 percent from the same period in 2008, the International Statistics Institute said.

Formerly one of the eurozone's chief engines of economic growth and job creation, Spain suffered an abrupt change of fortunes when it entered into its first recession in 15 years at the end of 2008.

AFP / Expatica

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