Austria: Industrial production expands at resilient pace in August
October 22, 2010
In August, industrial production expanded a working day adjusted 8.2% over the same month last year, which came in above the revised 5.9% increase registered in the previous month (previously reported: 6.8% year-on-year). The monthly improvement marked the fastest growth in industrial output since March 2007. The main drivers behind the August acceleration were a sharp rebound in mining and quarrying output, which increased 4.0% in annual terms, contrasting the 7.3% contraction observed in July. In addition, the manufacturing sector accelerated to 12.3%, up from the previous 9.3% increase tallied in July. Finally, water supply grew 11.4% (July: +7.5% yoy). A month-on-month analysis confirms the acceleration suggested by annual figures, as industrial output rose 1.3% in August in seasonally adjusted terms (July: +0.3% month-on-month). As a result of the robust August reading, the trend continues to show a strong recovery, with annual average growth in industrial production turning from minus 1.3% in July to plus 0.3% in August, which constituted the first positive reading since January 2009.
Author: Ricardo Aceves, Senior Economist