Spain’s industrial production but fell -1.9% YoY in February, down from -1.2% YoY in January and much worse than the -0.1% YoY estimate.

• The annual decline is the weakest since December 2023.
• On a monthly basis, industrial production rose 0.7% in February, rebounding from a -1.2% decline in January.
• Capital goods output dropped -4.0% YoY but rose 1.7% MoM.
• Energy was the only sector with YoY growth, up 0.5%.
• Consumer goods declined -2.3% YoY, with non-durables down -2.3% and durables down -1.2%.
• Intermediate goods output fell -0.7% YoY.