Euro Area: Industrial output expands mildly in February
April 14, 2014
In February, industrial production expanded a seasonally-adjusted 0.2% over the previous month according to data released by Eurostat on 14 April. The February expansion was up from the revised flat reading recorded in January (previously reported: -0.2% month-on-month) and was in line with market expectations. Expansions in intermediate goods and non-durable consumer goods offset a contraction in energy production, which continued to drag on overall economic activity on the back of mild weather conditions.
At a country level, Estonia (-2.2% month-on-month) and Slovenia (-0.6% mom) were the region's worst performers. At the other end of the spectrum, Malta (+5.4% mom) and Ireland (+5.0% mom) recorded the best results. In the four major regional economies, industrial output expanded in Spain (+0.7% mom), Germany (+0.4% mom) and France (+0.2% mom), whereas it contracted in Italy (-0.5% mom).
On an annual basis, industrial production expanded 1.7%, which was up from the 1.6% expansion registered in January and marked the sixth consecutive positive reading. Meanwhile, annual average growth in industrial production was flat in February, up from the minus 0.4% recorded in the previous month.
FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, panelists see industrial production growing 2.6%.
Author: Armando Ciccarelli, Head of Data Solutions