MADRID (AFX) - Consumer and intermediary good production in December fell further than expected, offsetting increased capital goods production, analysts said.
Earlier, the National Statistics Institute (INE) said industrial output fell 4.4 pct in December from a year earlier and compared with the 4.0 pct rise registered in November.
Beta Capital said it forecast December industrial output to fall 2.0 pct.
The brokerage said it expected consumer goods production to fall 4.9 pct, compared to the 10.2 pct decline actually registered in December, with intermediary goods production falling 0.9 pct, compared to the actual 3.3 pct decline.
Capital goods output rose 5.8 pct from a year earlier, surpassing Beta Capital's estimate for a 1.7 pct increase, the brokerage said. Analysts noted that taking into account calendar effects, industrial output climbed 1.7 pct in December from a year earlier, compared to the 4.0 pct rise in November.
In the full year, industrial output rose an average 4.0 pct from a year earlier compared to the 2.8 pct average rise in 1999.
"Ahead of a complete analysis of the data later today, our estimates for 2001 show a tendency towards more moderate industrial production growth rates, which could allow the indicator to close the year with less than a 3.0 pct rise," Beta Capital said.