Latest Spanish industrial output data 6 May 2016
– prev rev down from +5.9%
– yy SA +2.8% vs +1.5% exp vs +2.1% prev rev down from +2.2%
– mm +1.2% vs +0.3% exp vs -0.3% prev rev down from -0.2%
Softer NSA headline reason but once adjusted the figures don’t look so bad.