Austria: Industrial output grows at fastest pace since March in November
Industrial output grew 2.0% in month-on-month seasonally-adjusted terms in November, which was above October’s 1.4% increase. November’s result marked the best result since March. November’s pickup was largely due to an improvement in durable consumer goods output growth. In contrast, capital goods output fell.
On an annual basis, industrial production increased 7.4% in November, which was notably better than October’s 5.5% expansion. Accordingly, the trend improved sizably, with the annual average growth of industrial production coming in at8.8% in November, up from October’s 8.2% reading.
Analysts at the EIU added:
“Austria’s domestic vehicle production is low, falling by 42% in 2020 to just 104,544 units (all cars). The country’s automotive industry specialises in niche contract manufacturing for global automakers owing to the presence of Magna Steyr, a subsidiary of Canada’s Magna International. The company was forced to stop production sporadically in 2020 owing to the pandemic, and then again owing to component shortages in 2021. This, along with weaker demand, will continue to hurt production levels into 2022.”