Austria: Industrial production continues on positive trajectory
May 25, 2011
In March, industrial output expanded a working day adjusted 9.5% over the same month last year, which was above the 9.2% increase observed in February. The strong expansion observed in March, was also the result of a low base of comparison, as industrial production contracted 0.2% in the same month last year. Faster growth in mining and quarrying, as well as in electricity, gas, steam and air conditioning supply were the main drivers behind the monthly acceleration. In addition, construction bounced back in March, growing 3.0% year-on-year, after 15 consecutive months of declining activity. A month-on-month comparison, however, does not confirm the strong growth suggested by the annual figures, as industrial output grew 0.4% in seasonally adjusted terms, which was well below the 1.9% expansion observed in February. As a result of the March expansion, the trend continues to point to a strong recovery in the industrial sector, with annual average growth in industrial output jumping from 5.7% in February to 6.6% in March.
Author: Ricardo Aceves, Senior Economist