Austria: Industrial production weakens in June
August 24, 2012
In June, industrial production increased a paltry 0.3% over the same month last year in seasonal and working-day adjusted terms. The reading came in as a fraction of the 2.7% expansion recorded in May and marked, in fact, the weakest expansion since February. The monthly slowdown was broad based, with all sub-categories of the index recording decelerations compared to the previous month. Meanwhile, construction activity contracted 2.7% in June. A month-on-month comparison suggests an even sharper deterioration than the deceleration suggested by the annual figures, as industrial output declined a seasonally adjusted 1.6% in June, which contrasted the 0.9% expansion recorded in May. As a result of the June deterioration, the trend is pointing downwards, with annual average growth in industrial production falling from 3.0% in May to 2.5% in June, the slowest pace since September 2010.
Author: Ricardo Aceves, Senior Economist