Austria Industrial production May 2020

Austria

Austria: Industrial activity increases at quickest rate in five years in May

July 24, 2020

Industrial production jumped 9.2% month-on-month in May, marking the quickest expansion since current records began five years ago and swinging from April’s revised 14.8% drop. The headline print benefited from the relaxation of restrictive measures as well as a supportive base effect.

May’s upturn was broad-based, with output of capital goods; durable consumer goods; non-durable consumer goods; intermediate goods; and energy all increasing.

Less positively, industrial output fell 13.5% year-on-year in the month, although this was up from April’s 21.3% steep contraction. Nonetheless, annual average variation of industrial production fell 3.8%, down from the 2.7% decrease in April.

FocusEconomics Consensus Forecast panelists project that industrial production will drop 9.4% in 2020. For 2021, the panel expects that industrial production will grow 5.5%.


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Austria Industry May 20 20 0

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Statistics Austria (STAT) and FocusEconomics calculations


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