Industrial production grew an annual rate of 3.2 which compares with growth of 4.5%in August, according to data released by the National Statistics Institute today. Month on month, output rose 4.2% from August as workers returned from traditional August holidays.
Electricity production fell an annual 0.7 percent, after growing 2.3 percent in August, the institute said. Growth of output in manufacturing industries slowed to 3.7 percent from 4.6 percent.
Industrial sales growth accelerated to an annual 6.9 percent in September from 3.7 percent in August as sales of manufactured goods grew an annual 8.2 percent, from 4.1 percent the previous month, the institute said in a separate release. Industrial sales rose a monthly 6.7 percent.
If we look at the index chart we can see that the rate of growth in industrial output has definitely fallen back from the highpoint achieved in May. At the same time the economy has been accelerating, consumers have been borrowing like never before, domestic costs have been rising as the economy pushes up against structural and infrastructural limits, and a growing volume of imports has, of course, come flowing in. All in all, not good news.
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