Eurozone: Industrial output exceeds expectations in February
April 12, 2013
According to data released by Eurostat on 12 April, industrial production rose 0.4% in February over the previous month in seasonally adjusted terms. The reading contrasts the 0.6% drop recorded in January (previously reported: -0.4% month-on-month) and exceeded market expectations of a 0.2% drop.
At a country level, Slovenia and Netherlands (both +3.4% mom) were the region's best performers whereas, at the other end of the spectrum, Estonia and Malta (both -3.9% mom) recorded the worst results. Among the region's major economies, industrial output expanded in Germany (+0.9% mom) and France (+0.8%), whereas it contracted in Italy (-0.8% mom) and Spain (-1.3% mom).
On an annual basis, industrial production declined 3.1%, which represents a deterioration over the 2.4% contraction registered in January. As a result, the trend is pointing downwards, with average annual growth in industrial production inching down from minus 2.4% in January to minus 2.5% in February.
FocusEconomics Consensus Forecast panellists see industrial production contracting 0.8% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, panellists see industrial production rebounding to a 1.9% expansion.
Author: Armando Ciccarelli, Head of Data Solutions