Austria: Industrial production drops markedly in November
January 25, 2019
Industrial production in Austria contracted 2.4% over the prior month in November, contrasting the upwardly revised 2.1% expansion in October (previously reported: +1.2% month-on-month). The steep drop in output came on the back of marked contractions in the production of intermediate goods, capital goods, non-durable consumer goods and durable consumer goods. The latter is likely linked to a still-troublesome automotive sector as new car registrations continued to drop in the final quarter of 2018. On a more positive note, energy production increased at a steady pace in November.
Compared to the same month a year earlier, industrial output expanded a soft 1.0% in November, noticeably down from the 5.0% expansion in October. Annual average growth in industrial production eased to 4.8% in November from 5.3% in October.
Austria Industrial Production Forecast
FocusEconomics Consensus Forecast panelists project that industrial production will increase 3.0% in 2019, which is unchanged from last month’s forecast. For 2020, the panel expects that industrial production will grow 2.2%.
Author: Jan Lammersen, Economist