Eurozone: Eurozone industrial outputs stagnates in December
February 12, 2015
In December, industrial production was unchanged from November in seasonally-adjusted terms. The print came in below the timid 0.1% increase tallied in November and the 0.2% the markets had expected.
The flat result in December reflected, surprisingly, a sharp contraction in Ireland (-12.4% month-on-month). Other region’s worst performers were Portugal (-3.6% mom) and Malta (-3.3% mom). At the other end of the spectrum, Slovakia (+0.7% mom) and Slovenia (+0.2% mom) recorded better results than the Eurozone average. Regarding the four major regional economies, in France industrial production increased a notable 1.5% in December and in Germany output rose 0.5% over the previous month. Italy recorded a healthy 0.4% expansion while in Spain factory output contracted 0.2%.
On an annual basis, industrial production fell 0.2% in December, which followed the revised 0.8% contraction observed in November (previously reported: -0.4% year-on-year). In 2014, the Eurozone industrial production expanded 0.6%, which contrasted the 0.7% fall registered in 2013.
Author: Ricardo Aceves, Senior Economist