Austria: Industrial production contracts in February
April 24, 2013
In February, industrial output contracted a seasonally adjusted 1.4% over the previous month, which contrasted the 0.7% increase recorded in January. The monthly drop reflected contractions in almost all sub-categories of the index, but primarily showed a sharp deterioration in mining and quarrying.
On an annual working-day adjusted basis, however, industrial production accelerated from a 0.9% increase in January to a 1.4% expansion in February.
As a result of the annual acceleration, the trend halted its the downward trajectory in place since November 2012 and rose from 1.6% in January to 1.8% in February.
FocusEconomics Consensus Forecast panellists expect industrial production to rise 1.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, participants expect industrial output to pick up to 3.3%.
Author: Ricardo Aceves, Senior Economist