SPAIN

摘要

Industrial output plummeted in June, falling 3.1 % below the level of June 2007, underscoring the weakness which has spread beyond the struggling construction sector. This caused our panel's industrial production forecast to drop significantly this month, to -1.2% in 2008, from the -0.3% figure expected in July. With the slump in the housing market showing no sign of relief (home sales fell by 34% (y-o-y) in May), concerns have grown overthe likelihood of recession in the second half of this year. Consequently, the consensus for GDP growth has fallen furtherthis month, to just 1.4% for 2008.