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Austria Industry February 2020

Austria: Industrial production falls in February

Industrial production fell 2.4% month-on-month in February, swinging from January’s revised 4.7% increase (previously reported: +4.2% month-on-month). February’s fall came on the back of drops in output of capital, intermediate and durable consumer goods, and energy. On the other hand, non-durable consumer goods output rose.

Over a year ago, industrial output fell 2.3% in February, contrasting the revised 1.7% rise in January (previously reported: +1.2% year-on-year). Moreover, annual average industrial output growth eased to 0.7% in February from 1.4% in the prior month.

February’s data is likely a sign of things to come as Europe has gone on lockdown to curtail the spread of the Covid-19 virus, weighing heavily on economic activity. However, the industrial slump in Austria could be softer compared to peers: Austria was one of the first countries to enforce a lockdown in mid-March and began to lift restrictions in mid-April, which should revive economic activity to an extent. Nonetheless, external demand will remain weak and domestic demand subdued in the months ahead.

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