Austria: Industrial production plummets in May
July 25, 2014
In May, industrial output plunged a seasonally-adjusted 2.2% over the previous month. The reading contrasted the 0.6% increase observed in April. The most important drivers behind the monthly contraction were decreases in manufacturing production and in mining and quarrying.
Compared to the same month last year, industrial production swung from a working-day adjusted 0.1% increase in April to a 2.1% contraction in May, which marked the fastest contraction on record. As a result of the deterioration registered in May, annual average growth in industrial production fell from 0.8% in April to 0.6% in May, which is the lowest level since December 2013.
Author: Ricardo Aceves, Senior Economist