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.