Eurozone: Industrial output expands at fastest rate in 25 months
October 14, 2013
In August, industrial production expanded a seasonally-adjusted 1.0% over the previous month, according to data released by Eurostat on 14 October. The reading contrasted the revised 1.0% contraction recorded in July (previously reported: -1.5% month-on-month) and marked the fastest expansion in 11 months. In addition, the increase exceeded the 0.8% expansion expected by the market.
At a country level, Portugal (+8.2% mom) and Malta (+7.2% mom) were the region's best performers. At the other end of the spectrum, Estonia (-3.5% mom) and Ireland (-0.8% mom) recorded the worst results. Among the four major economies, industrial output expanded in Germany (+1.8% mom), France (+0.2% mom) and Spain (+0.1% mom), while it contracted in Italy (-0.3% mom).
On an annual basis, industrial production dropped 2.1%, which was worse than the 1.9% contraction registered in July. Meanwhile, average annual growth in industrial production inched down from minus 2.1% in July to minus 2.2% in August.
FocusEconomics Consensus Forecast panelists see industrial production contracting 0.7% in 2013, which is unchanged from last month's forecast. For 2014, panelists see industrial production rebounding to a 1.9% expansion, which is down 0.2 percentage points from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions