Industrial output deteriorates more than expected in April
Industrial output contracted in April, contrasting March’s rise and marking the fourth contraction in the last five months. Industrial production fell a seasonally-adjusted 0.9% over the previous month in April, contrasting March’s revised 0.6% increase (previously reported: +0.5% month-on-month). April’s drop was sharper than market expectations of a 0.5% decline. The downturn came on the back of sharp decreases in energy output and the production of consumer goods. In addition, intermediate goods output shrank further in April. Conversely, capital goods production recovered in April.
On an annual basis, industrial production expanded 1.7% in April, moderating from March’s upwardly revised 3.2% increase (previously reported: +3.0% year-on-year). Meanwhile, annual average industrial production growth was stable at March’s over six-year high of 3.5% in April.
Among the Euro area economies for which data is available, the largest contractions in industrial output were recorded in Lithuania (-7.9% mom), the Netherlands (-4.4% mom) and Greece (-3.3% mom). Meanwhile the best performers were Ireland (+9.1% mom), Slovakia (+0.2% mom) and Latvia (+0.2% mom).