Industrial output grows most in almost three years

Industrial output in Spain in November of last year grew at its fastest pace in close to three years, providing further evidence that the economy is picking up after a protracted recession.

According to figures released Friday by the National Statistics Institute (INE), industrial production in November climbed 2.6 percent from the same month a year earlier after correcting for seasonal factors and differences in the number of working days. That was the strongest growth since February 2011 , when output increased 2.7 percent. With the exception of September of last year, production at factories, mines and refineries has been in virtual freefall since March 2011.

Growth in the month was led by capital goods where output climbed 5.8 percent followed by intermediate goods, with an increase of 7.9 percent. However, production of consumer durables fell 7.9 percent, reflecting weak consumer spending as a result of ongoing high unemployment and falling wages. The most dynamic sectors were textiles where output climbed 15.7 percent and pharmaceuticals, with growth of 12.5 percent.

Spain emerged from its longest recession since the restoration of democracy in the third quarter of last year, when GDP climbed a quarterly 0.1 percent. Experts estimate growth accelerated in the last quarter of last year to 0.3 percent