Industry and Energy

Home page

Industry and Energy

Spanish industry shrinks by 19.7%

05 June 2009 10:40 (UTC +04:00)

Bakuâ€“ APA-Economics. Industrial production in recession-hit Spain plunged by a fifth in April compared to the same month last year, a slight improvement on the previous month, national statistics showed on Friday.
Industrial production fell 19.7 percent on a seasonally adjusted basis in April after a record 24.7 drop in March, the Ise statistics institute said in a statement. Unadjusted, the fall was 28.6 percent in April.
Over the first quarter of 2009, production was down by just under 22 percent on a seasonally adjusted basis compared to the same period in 2008.
Spain’s economy, Europe’s fifth largest, has been hit particularly hard by the world economic crunch after a decade-long boom driven by the construction industry came to an end. Source: AFP