Bloomberg News

Spanish Industrial Production Declines by Most in Three Months

April 11, 2012

Spanish industrial production declined by the most in three months in February as the economy sank into its second recession since 2009 and Prime Minister Mariano Rajoy stepped up austerity efforts.

Output at factories, refineries and mines adjusted for the number of working days fell 5.1 percent from a year earlier, the National Statistics Institute in Madrid said today in an e- mailed statement. That compares with a revised decline of 4.3 percent in January.

Rajoy’s government presented the deepest budget cuts in more than three decades on March 30 even as it forecasts an economic contraction of 1.7 percent this year. Spain’s 10-year borrowing costs surged to more than 6 percent today, the highest since December.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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