Eurozone Industry


Industrial output falls more than expected in January

In January, industrial production dropped 0.4% over the previous month in seasonally adjusted terms, which contrasted the 0.9% rise recorded in December (previously reported: +0.7% month-on-month). The contraction exceeded market expectations of a 0.1% drop and marks the fourth negative reading in the last five months.

At a country level, Portugal (+3.5% mom) and Slovakia (+1.8% mom) were the region's best performers whereas, at the other end of the spectrum, Finland (-4.1% mom) and Luxembourg (-3.8% mom) recorded the worst results. Among the region's major economies, industrial output expanded in Spain (+0.6% mom), while it contracted in France (-1.2% mom) and Germany (-0.4% mom). Italy's data are confidential until its official publication by the National Statistical Institute (Istat), which was delayed due to the change of base year adopted by Eurostat this month.

On an annual basis, industrial production declined 1.3%, which represents an improvement over the 1.7% contraction registered in December. As a result, the trend was stable, with average annual growth in industrial production remaining unchanged at December's 2.3%.

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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Euro Industry January 2013

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