Forexpros – Industrial production in Spain tumbled significantly in April, declining for the eighth consecutive month and adding to concerns over the country’s deteriorating financial situation, official data showed on Wednesday.
In a report, Spain’s National Statistics Institute, said industrial production plunged by a seasonally adjusted 8.3% in April, compared to expectations for a 6.5% drop.
Industrial production fell by an unrevised 7.5% in March.
On an unadjusted basis, Spanish industrial production tumbled at a rate of 8.2% in April, after falling 10.4% in March.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD adding 0.36% to trade at 1.2497.
Meanwhile, European stock markets were broadly higher. Spain’s IBEX 35 rose 0.2%, the EURO STOXX 50 gained 0.75%, France’s CAC 40 advanced 0.7%, while Germany’s DAX climbed 0.9%.
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