Austria: Industrial output records largest decline in over two years in December
Industrial output plunged 5.3% in month-on-month seasonally adjusted terms in December, which contrasted November’s 0.7% increase. December’s downturn marked the worst reading since April 2020. Looking at the details of the release, December’s drop was largely driven by a fall in durable consumer goods output. Furthermore, production contracted in both the capital goods, and non-durable consumer goods sub-sectors.
On an annual basis, factory output declined 3.6% in December, contrasting November’s 3.5% expansion and marking the worst result since January 2021. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 6.1% in December, down from November’s 7.3% reading.