Austria: Industrial production plummets to six-month low in August
October 24, 2014
In August, industrial output contracted a seasonally-adjusted 2.1% over the previous month. The reading followed the revised 0.7% decrease observed in July (previously reported: -1.0% month-on-month) and marked the sharpest fall since February. August’s deterioration was mainly caused by a sharp decrease in manufacturing output. Water supply decreased also in August, albeit at a slower pace. Only growth in mining and quarrying as well as electricity and gas supply improved over July.
Compared to the same month last year, industrial production plummeted from a working-day adjusted 0.9% decrease in July to a 3.7% contraction in August, which is the sharpest contraction on record. As a result of the deterioration registered in August, annual average growth in industrial production fell from 0.6% in July to 0.4% in August.
Author: Ricardo Aceves, Senior Economist