Industrial new orders received in Spain dropped 2.1 percent year-on-year in May 2019, following a downwardly revised 13.4 percent gain in the previous month. It is the sharpest decline industrial new orders in five months, as demand of capital goods fell (-10.7 percent compared to 46.2 percent in April) and for energy went down further (-2.3 percent compared to -0.2 percent). Also, demand rose less for consumer (1.6 percent compared to 3.9 percent) and intermediate goods (0.7 percent compared to 2.5 percent). On a seasonally adjusted monthly basis, industrial orders decreased 9.1 percent, after an upwardly revised 9.1 percent rise in April. Factory Orders in Spain averaged 1.99 percent from 2003 until 2019, reaching an all time high of 25.50 percent in November of 2018 and a record low of -33.60 percent in March of 2009.
Factory Orders in Spain is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Factory Orders in Spain to stand at 2.40 in 12 months time. In the long-term, the Spain Industrial New Orders Received YoY is projected to trend around 2.20 percent in 2020, according to our econometric models.