Spain's industrial production falls by 0.1% in January

Spain's industrial production fell by 0.1 percent in January when compared with the same month in 2013, according to the Index of Industrial Production (IPI) published by the National Institute of Statistics (INE) on Monday. According to the INE, production of consumer goods increased by 1.5 percent in annual terms with production of durable goods falling by 4.7 percent while that of non-durable goods increasing by 1.9 percent. Production of capital goods increased by 1.7 percent in annual terms while production of intermediate goods (used to produce final goods) and energy fell by 0.1 percent and 3.7 percent respectively. On a monthly basis Spain's industrial production stood stable from December to Jan. 2014 if calendar and seasonal effects are removed. The INE reported that industrial production increased in all sectors on a monthly basis except from that of energy where it fell by 4.2 percent. Meanwhile, production of durable and non-durable consumer goods increased by 3.3 percent and 0.3 percent respectively. Production of capital goods increased by 1.6 percent, the INE said, while production of intermediate goods rose by 0.7 percent. In annual terms Spain's industrial production had increased by 3.9 percent in December to fall in January by 0.1 percent as data showed on Monday. Industrial production has alternately fallen for several months as a result of the financial crisis Spain started suffering in 2008. In the third quarter in 2013 the Spanish economy left its longest recession since 1978 behind thanks to a 0.1 percent growth. The Spanish government expects to consolidate this growth in 2014 and successfully deal with one of the country's biggest problems, its high unemployment rate and its 4.8 million people unemployed.