Austria: Industrial production accelerates in July
September 24, 2012
In July, industrial production expanded a working-day adjusted 2.0% over the same month last year, which came in above the 1.5% increase recorded in June. The acceleration was driven by stronger growth in mining and quarrying as well as in construction activity, which more than compensated for a deterioration in manufacturing output. A month-on-month comparison confirms the improvement suggested by the annual data, as industrial production expanded 0.1% in July in seasonally adjusted terms, contrasting the 0.7% contraction observed in the previous month. Despite the faster monthly increase, the trend continues to point downwards, with annual average growth in industrial production falling from 2.6% in June to 2.3% in July, the slowest pace since September 2010.
Author: Ricardo Aceves, Senior Economist