Eurozone Industry


Eurozone: After a notable expansion in February, industrial production contracts in March

May 13, 2015

The Eurozone’s industrial production contracted 0.3% over the previous month in seasonally-adjusted terms. The result contrasted the revised 1.0% expansion (previously reported: +1.1% month-on-month) and undershot the flat reading that markets had expected. A year-on-year comparison showed that industrial production growth moderated slightly from 1.9% in February to 1.8% in March.

According to the statistical office (Eurostat), the monthly drop was due to a fall in energy production, as well as a result of contractions in the production of durable, capital and intermediate goods. At a country level, a massive increase in Latvia’s industrial production (+10.9% mom), along with a notable expansion in Ireland’s output (+3.0% mom) were overshadowed by contractions in the Netherlands (-3.6% mom), Lithuania(-3.4% mom) and Estonia (-1.0% mom).

Regarding the region’s four major economies, industrial production fell 0.2% and 0.7% over the previous month in France and Germany, respectively. Conversely, in Italy and Spain, industrial production increased 0.4% and 1.0%, respectively.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.8% in 2015, which is up 0.3 percentage points from last month’s forecast. For 2016, panelists see industrial production growing 2.5%.

Author:, Senior Economist

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Eurozone Industry Chart

Euro Industry by country March 2015

Note: Month-on-month var. of seasonally-adjusted industrial production and annual average growth rate in %.
Source: Eurostat

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