Misery continues for Spanish industry

THE misery continues for Spanish industry as output fell by 6.5 per cent in February compared to the same month a year ago. That followed a 4.9 per cent decline in January.

Spain, the fourth biggest economy in the Eurozone has seen industrial output fall constantly since August, 2011. Austerity measures and high unemployment of around 26 per cent have combined to see the country’s economy continue to contract.

High company and household debts together with a troubled banking sector wary of lending have starved companies of investment at the same time as consumption has fallen. And with the economic crisis continuing to bite it looks like being another grim year for Spain.