Friday, Spain's National Institute of Statistics announced that industrial production dropped a working day adjusted 22% year-over-year in February, after falling 20.9% in January. Economists were looking for a decline of 20.5%. A year ago, production was up 1.7%.

The general industrial production, on an unadjusted basis, plunged 23.9% annually in February, compared with a 24.3% decline in the previous month. A year earlier, industrial production was up 3.8%.

In February, manufacturing output fell 25% on an unadjusted basis, while mining and quarrying output declined 34.2%. Production of electricity, gas steam and air conditioning dropped 10.7%.

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