SPAIN DATA: Strongest Monthly IP Since Nov 2023

Spain December industrial production rose a solid 2.1% Y/Y adjusted for seasonal and calendar effects (vs consensus of 0.7%, and a revised prior of -0.1% from -0.4%). Monthly growth on the same swda basis was strong, at 0.9% M/M (vs 0.3% consensus, -0.7% revised prior from -0.8%) for its strongest since Nov 2023. 

• This leaves the December 3m/3m rate at 0.7%, above the 0.56% in November.
• The firm Y/Y increase was driven by an increase in all main sub-components:
  • Consumer goods rose 3.2% Y/Y (highest since Feb 2024) as strong nondurable consumer goods (3.9% Y/Y vs 0.8% prior) offset a weaker turn for durable goods (-1.9% Y/Y vs 1.1% prior).
  • Intermediate goods production rose 2.6% Y/Y (highest since Feb 2022) in an acceleration from 0.7% prior, whilst capital goods production rose a marginal 0.8% Y/Y (vs -3.1% prior) and energy production also increased slightly at 0.5% Y/Y (vs -1.5% prior).
• The manufacturing PMI remained in expansionary territory in January (50.9), though it was noticeably down from 53.3 in December.