Wednesday, Spain's National Institute of Statistics announced that the industrial production declined a calendar adjusted 24.7% year-over-year in March, after falling 22.5% in February. Economists were looking a decline of 19.7%. A year ago, production was down 3.7%.

On an unadjusted basis, industrial production decreased 14% annually in March, compared with a 24.4% decline in the previous month. A year earlier, industrial production was down 15.3%.

Meanwhile, manufacturing output fell 14.1% on an unadjusted basis in March, while mining and quarrying output declined 26.1%. Production of electricity, gas steam and air conditioning dropped 11.6%.

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