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MADRID, Sept 11 (Reuters) - Spain’s industrial output rose a robust 9% in July from the previous month, extending a V-shaped recovery observed since May, official figures showed on Friday, though activity remains well below year-ago levels.
Calendar-adjusted industrial output dropped 6.4% year-on-year, the National Statistics Institute (INE) said, improving from a 14.3% decline in June and outstripping a Reuters forecast for a 9.9% fall.
INE data showed leather and footwear was the worst-hit sector, down 31.4% year-on-year. Extractive industries and pharmaceutical production, on the other hand, were up 10.2% and 9% respectively.
Spanish industry has recovered much of the ground lost since April, when the government enforced one of Europe’s strictest lockdown and shuttered almost all factories, sending output plunging 34.1%.
But a PMI survey released last week suggested the recovery was set to stall in August, with factory activity contracting amid a renewed surge in coronavirus infections.
The Spanish economy was one of the worst-hit by the pandemic and subsequent lockdowns in Europe, posting an 18.5% contraction in April-June from the previous quarter. The government has said the economy has been growing at a rate of over 10% so far this quarter.
Any recovery will be unevenly distributed across economic sectors, with any resurgence for the country’s vital tourism industry still a remote prospect. (Reporting by Joanna Jonczyk-Gwizdala and Nathan Allen, Editing by Andrei Khalip)
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