Austria Industrial production March 2022

Austria

Austria: Industrial output deteriorates in March

May 11, 2022

Industrial production decreased 1.1% month-on-month in seasonally-adjusted terms in March (February: +0.2% mom). Looking at the details of the release, durable consumer goods production bounced back in March, while capital goods output swung to contraction. Meanwhile, non-durable consumer goods production also shrunk.

On an annual basis, industrial production grew 3.7% in March, which was significantly below February’s 8.6% expansion and marking the worst result since February 2021. Meanwhile, annual average industrial production growth fell to 10.9% in March (February: +11.8%). This signals a worsening trend in the industrial sector.

Regarding the outlook amid the war in Ukraine, analysts at the EIU added:

“The fact that Austria appears to have secured an agreement with Russia that will allow it to pay for its gas imports from Russia in euro, rather than in roubles, […] has not boosted confidence among Austria's industrial players. […] But even assuming a steady flow of Russian gas, the risk of an interruption will also cause problems in industry as it will depress confidence and thus hamper investment and job creation. Moreover, this comes at a time when the sector is already facing significant problems in the form of supply-chain disruption.”

FocusEconomics Consensus Forecast panelists project that industrial production will rise 5.2% in 2022. For 2023, the panel expects that industrial production will grow 2.3%.


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Austria Industrial production Chart


Austria Industry March 2022

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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