Euro Area: Industrial production rebounds in April

Euro Area Industrial production April 2023

Euro Area: Industrial production rebounds in April

Industrial output rose 1.0% over the previous month in seasonally adjusted terms in April, contrasting March’s 3.8% drop. April’s result reflected turnarounds in the production of energy and capital goods. On the flip side, the production of non-durable consumer goods fell at a sharper pace, while the production of durable consumer goods swung to contraction. Meanwhile, the production of intermediate goods shrank at a stable rate.

Looking at the individual economies for which data is available, industrial output increased in three countries, while it contracted in 14 and steadied in one. Focusing on the largest economies, production increased in France, steadied in Germany and dropped in Italy, the Netherlands and Spain. Notably, the overall reading was influenced by a sharp rebound in industrial output in Ireland—a country with extremely volatile production data.

On an annual basis, industrial production ticked up 0.2% in April, swinging from March’s 1.4% decrease. Lastly, annual average growth in industrial production came in at 2.1% in April, up from 2.0% in March.

Commenting on the release, Bert Colijn, senior economist at ING, stated:

“The small increase in production in April leaves industrial output well below the first-quarter average. Given that May surveys of the sector continue to be downbeat, it is likely that production will contract in the quarter. With retail sales sluggish in April and May surveys pessimistic, don’t expect much of a second quarter in terms of economic recovery after two quarters of negative growth.”

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