Austria: Industrial production maintains strong pace in November
January 24, 2011
In November, industrial production grew a working day adjusted 6.5% over the same month the previous year, which came in above the 5.2% expansion registered in October. A month-on-month assessment confirms the acceleration observed in annual figures, as industrial production rose a seasonally adjusted 1.6% in November (October: +1.1% month-on-month). The key driver behind the November acceleration was a rebound in manufacturing output, which expanded 11.6% year-on-year (October: +8.5% yoy). In addition, electricity, gas, steam and air supply accelerated to 14.1% in November, up from the previous 11.8% expansion registered in October. On a use-based classification, increasing production of capital goods, as well as of intermediate goods were the main drivers behind the November expansion. As a result of the robust November reading, the trend continues to point to a strong recovery, with the annual average variation in industrial production jumping from 2.6% in October to 3.5% in November, which represented the fastest pace since June 2008. Meanwhile, in its December economic outlook report, the Central Bank revised its growth estimates and now sees economic activity rising 2.1% this year (previously: +1.8%). For 2012, monetary officials see the economy expanding 2.3%.
Author: Ricardo Aceves, Senior Economist