Eurozone Industry


Industrial output contracts more than expected in May

According to data released by Eurostat on 12 July, in May industrial production fell a seasonally adjusted 0.3% over the previous month. The reading contrasted the revised 0.5% rise recorded in April (previously reported: +0.4% month-on-month) and was worse than the 0.2% contraction expected by the market. The result marks the first contraction after three consecutive months of increasing industrial output.

At a country level, Ireland (-2.7% mom) and Greece (-2.1% mom) were the region's worst performers. At the other end of the spectrum, Portugal (+6.1% mom) and Estonia (+2.0% mom) recorded the best results. Among the major economies, industrial output expanded in Spain (+0.3% mom) and Italy (+0.1 mom), while it contracted in Germany (-0.8% mom) and France (-0.5% mom).

On an annual basis, industrial production declined 1.3%, representing a deterioration over the 0.6% contraction registered in April. Despite the more pronounced annual drop, the trend is still pointing upwards, with average annual growth in industrial production rising from minus 2.3% in April to minus 2.2% in May.

FocusEconomics Consensus Forecast panellists see industrial production contracting 0.8% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, panellists see industrial production rebounding to a 1.9% expansion.

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