Euro Area: Industrial production contracts in September

Euro Area Industry September 2020

Euro Area: Industrial production contracts in September

Industrial output fell a seasonally-adjusted 0.4% over the previous month in September, contrasting August’s 0.6% uptick.

September’s drop reflected downturns in production of energy and durable consumer goods as well as a softer expansion in the production of intermediate goods. On the other hand, the production of capital and of non-durable consumer goods rebounded.

Looking at the individual economies for which data is available, industrial output expanded in eight countries, while it dropped in eight countries as well. Production increased in heavyweights France, Germany and Spain. At the same time, output dropped in Italy and the Netherlands.

On an annual basis, industrial production fell 6.8% in September, following August’s 6.7% decrease. Lastly, annual average variation in industrial production fell to minus 8.7% from August’s minus 8.3%.

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

“Even though the impact on manufacturing seems smaller than during the first wave, it is not immune to second wave effects and one can expect that the recovery of production will be significantly hampered in the fourth quarter. While that’s the case, it will likely remain an outperformer compared to services in the second wave economy.”

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