Austria: Industrial production expands at 10-month slow
September 23, 2011
In July, industrial production expanded a working-day adjusted 4.4% over the same month last year, which was below the 6.8% increase in June. The reading marked the slowest pace of expansion since September 2010. Slower growth in manufacturing and a contraction in construction were the main drivers behind the July deceleration. A month-on-month comparison points to an ever sharper deterioration than the slowdown suggested by the annual data, as industrial production contracted a seasonally adjusted 1.3% over the previous months, which contrasted the 0.2% increase recorded in June. Owing to the July outturn, the trend continues to point to a less dynamic performance in the industrial sector, with annual average growth in industrial production inching down from 7.0% in June to 6.9% in July.
Author: Ricardo Aceves, Senior Economist