Austria: Industrial production contracts for third consecutive month
January 24, 2013
In November, industrial production contracted a seasonally adjusted 1.3% over the previous month, which exceeded the 0.2% drop recorded in October. The monthly deterioration was mainly the result of a sharper contraction in manufacturing output as well as in construction.
Compared to the same month last year, industrial production declined a working-day adjusted 0.5% in November, which contrasted the 1.3% expansion recorded in October and marked the first annual contraction in almost three years.
As a result of the November drop, the trend continues to point downwards, with annual average growth in industrial production falling from 1.9% in October to 1.5%, the slowest pace since August 2010.
Author: Ricardo Aceves, Senior Economist