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But the economy continues to be dismal.
Spanish industrial production in November saw a huge drop that was far worse than estimates.
From the report (.pdf):
The Industrial Production Index (IPI) experienced an annual variation of –7.3% in November, more than eight points below that registered in October.
All the industrial sectors presented negative annual rates. Those that most influenced were:
• Capital goods, with a variation of –12.9% and an effect of –2.555 on the general index, due to the negative evolution in the majority of activities comprising this sector. Among them, highlighting Manufacture of metal elements for construction, Manufacture of motor vehicles and Manufacture of parts and accessories for motor vehicles.
• Intermediate goods, with a rate of –7.4% and an effect of –2.468. The activities most influenced in this drop were the Manufacture of basic chemical products, nitrogen compounds, fertilisers, plastics and synthetic rubber in primary forms and Manufacture of rubber and plastic products. Conversely, the Manufacture of other chemical products presented an important increase in its production.
• Non-durable consumer goods, with a rate of –6.1% and an effect of –1.787. In the most of the activities comprising this sector decrease their productions. Among the activities with the most negative effect, worth noting the Graphic arts and related services and Manufacture of soaps, detergents, and other cleaning and polishing items; manufacture of perfumes and cosmetics. Among the increases highlighted the Manufacture of bakery and farinaceous products.