Spain’s Industrial Output Declines Again

Direct Finance

The industrial output of Spain declined further in February, according to reports. The rate fell by 6.5 percent, compared with the same month a year earlier following a 4.9 percent fall in February.

Spain is one of the Eurozone economies that is mired in the recession since the second half of 2011. The country has also recorded the highest unemployment rate in Eurozone – accounting about 26 percent. It suffers from a troubled banking sector, excessive household and company debts, and tough government austerity measures.

France, on the other hand, bounced back on its industrial production, gaining 0.7 percent last month. Insee, the French national statistics institute, said that in the three months to February, the output was 0.1 percent lower than in the previous quarter, although the manufacturing sector fell to 0.3 percent.

Read about Spain’s crisis in this article from this BBC article.