Spanish factories ramp up production

10th January 2014, Comments 0 comments

Spanish factories boosted output at the fastest pace for nearly three years in November, official data showed Friday, the latest sign of a gathering recovery in the jobs-scarce economy.

Spain's industry ramped up output by 2.6 percent in November from the same period last year, after correcting for seasonal blips, the National Statistics Institute said.

It was the sharpest increase since February 2011.

Factory output had skidded for two years before finally posting gentle growth in September last year as the eurozone's fourth-largest economy emerged from a double-dip recession.

The unemployment rate is stuck at 26 percent in Spain but positive news in other areas of the economy is attracting financial market investors.

The Spanish economy grew by 0.1 percent in the third quarter of last year, exports hit a 42-year-record in October, and an industry survey showed the services sector in December posted its strongest growth since July 2007.

A breakdown of the November industrial production report showed output of consumer goods rose by 2.3 percent, business equipment surged 5.8 percent and intermediate goods used in manufacturing, such as chemicals, climbed 3.2 percent.

Utilities lowered energy output by 0.9 percent.

© 2014 AFP

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