Austria: Industrial production contracts for the first time in two years
April 24, 2012
In February, industrial production contracted a working-day adjusted 0.9% over the same month last year, which contrasted the revised 2.2% expansion recorded in January (previously reported: +1.7% year-on-year). The reading represents the first contraction since March 2010 and was mainly the result of a decline in manufacturing output and construction activity. A month-on-month comparison confirms the decline suggested by the annual data, as industrial production dropped a seasonally adjusted 1.4% over the previous month, which contrasted the 2.5% increase tallied in January. As a result of the February fall, the trend points downwards, with annual average growth in industrial production falling from 5.5% in January to 4.7% in February. In its biannual economic outlook report, the Central Bank expects the economy to grow only 0.7% before accelerating to 1.6% in 2013.
Author: Ricardo Aceves, Senior Economist