Spain's General Industrial Production Index (IPI) was down by 9.5% in June 2008, in comparison with June 2007, according to data out from the National Statistics Office this morning. Adjusting for calendar effects the inter-annual rate of the IPI was estimated at a drop of 9.0%. The variation rates with respect to June 2007 was -9.6% for consumer goods (-21.1% for durable consumer goods and -7.4% for non-durable consumer goods), -10.8% for capital goods, -12.6% for intermediate goods and 1.8% for energy. After adjusting for calendar effects, these inter-annual rates were estimated at -8.9% for consumer goods (-20.2% for durable consumer goods and -6.7% for non-durable consumer goods), -10.2% for capital goods, -11.9% for intermediate goods and 2.1% for energy.
And if we take the purchasing managers survey seriously (which I think the balance of evidence suggests we should), then Spain's manufacturing sector continued to shrink in July, and at the fastest rate ever seen in any European Union survey of the sector. The Purchasing Managers Index for Spain slipped to its lowest level since the survey began in February 1998, the organizers of the survey, Markit economics, said. The Markit Research Manufacturing PMI index contracted for the eighth consecutive month to 39.2, down from 40.6 in June. Any PMI figure below 50.0 shows contraction while figures over 50.0 show growth.
Spain Real Time Data Charts
Edward Hugh is only able to update this blog from time to time, but he does run a lively Twitter account with plenty of Spain related comment. He also maintains a collection of constantly updated Spain charts with short updates on a Storify dedicated page Spain's Economic Recovery - Glass Half Full or Glass Half Empty?